Market remains weak; financials stocks weigh Analysis for Oct 15, 2013

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The 30-share bellwether index of the Bombay Stock Exchange- Sensex continued to exhibit weak trend during the late noon trading session. The weakness was primarily witnessed due to profit booking in financials and FMCG stocks. However, technology stocks remained on buyers' radar on expectations of strong earnings in September quarter.

Meanwhile, Bajaj Finance announced its second quarter results where profit rose 29.5 percent year-on-year to Rs 167 crore while net interest income jumped 31 percent to Rs 579.6 crore from Rs 442 crore during the same period.

At 1:15PM BSE SENSEX was at 20584.41, down by 23.13 points or by 0.11 per cent, while the NSE Nifty was at 6088.55, down by 24.15 points or by 0.4 per cent.

The BSE Sensex touched an intraday high of 20759.58 and an intraday low of 20446.73, while the NSE Nifty touched an intraday high of 6156.3 and an intraday low of 6056.55.The BSE MIDCAP was at 5862.72, down by 44.09 points or by 0.75 per cent, while the BSE SMLCAP was at 5708.12 down by 39.57 points or by 0.69 per cent.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 342.95,+3.10%), Wipro Ltd. (Rs. 515.00,+2.81%), Tata Steel Ltd. (Rs. 309.00,+2.33%), Hindalco Industries Ltd. (Rs. 111.60,+0.90%), Tata Consultancy Services Ltd. (Rs. 2232.50,+0.81%), among others.

The top losers of the BSE Sensex pack were Tata Power Company Ltd. (Rs. 79.65,-1.61%), GAIL (India) Ltd. (Rs. 325.70,-1.39%), Tata Motors Ltd. (Rs. 385.60,-1.34%), ICICI Bank Ltd. (Rs. 982.00,-1.33%), ITC Ltd. (Rs. 335.10,-1.30%), among others.

In BSE, BSETECk index was at 4925.2 up by 48.04 points or by 0.98%. Tata Communications Ltd. (Rs. 233.35,+4.22%), Bharti Airtel Ltd. (Rs. 342.95,+3.10%), Wipro Ltd. (Rs. 515.00,+2.81%), OnMobile Global Ltd. (Rs. 31.30,+1.79%), MindTree Ltd. (Rs. 1402.00,+1.77%),.

In BSE, BSE_Bankex index was at 11993.64 down by -160.71 points or by -1.32%. Bank of India (Rs. 178.95,-3.97%), YES Bank Ltd. (Rs. 335.70,-3.70%), Canara Bank (Rs. 235.75,-3.42%), IndusInd Bank Ltd. (Rs. 413.15,-3.32%), Union Bank of India (Rs. 118.50,-2.99%),. health of the market, was weak.

On BSE out of total 2398 shares traded, 854 shares advanced, 1399 shares declined, while 145 remained unchanged.

On the global front, European markets opened higher on hopes of likely deal to reopen the US government and avoid debt default. Germany's DAX, France's CAC and Britain's FTSE gained nearly 0.6 percent.

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Story first published: Tuesday, October 15, 2013, 13:36 [IST]
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