Mid-Market-Sensex weak; rate sensitive stocks drag Analysis for Jan 24, 2014

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Markets continued to trade lower in the noon trading session with rate sensitive leading the losses after comments from Reserve Bank of India Governor Raghuram Rajan suggested that interest rates may continue to remain high. Most of the stocks on the D-street were experiencing selling pressure including Sesa Sterlite, BHEL, Tata Motors, Tata Steel, LNT and ICICI Bank among others. Moreover rupee was two-week low tracking weak regional equities. It was at 62.22 versus Thursday's close of 61.92 and intraday high of 62.19, the highest since January 9.

At 12:14PM BSE SENSEX was at 21181.25 down by 192.41 points or by 0.9 per cent, while the NSE Nifty was at 6289.2 down by 56.45 points or by 0.89 per cent.

The BSE MIDCAP was at 6486.82 down by 77.45 points or by 1.18 per cent, while the BSE SMLCAP was at 6486.95 down by 76.08 points or by 1.16 per cent.

The BSE Sensex touched an intraday high of 21333.66 and an intraday low of 21141.55, while the NSE Nifty touched an intraday high of 6331.45 and an intraday low of 6269.15.

The top gainers of the BSE Sensex pack were Wipro Ltd. (Rs. 584.50,+1.05%), Tata Consultancy Services Ltd. (Rs. 2275.00,+0.92%), NTPC Ltd. (Rs. 131.20,+0.08%), Reliance Industries Ltd. (Rs. 866.60,+0.06%), among others.

The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 378.55,-3.54%), Sesa Sterlite Ltd. (Rs. 202.00,-3.28%), Tata Motors Ltd. (Rs. 371.50,-3.00%), Bharat Heavy Electricals Ltd. (Rs. 166.30,-2.69%), Larsen & Toubro Ltd. (Rs. 1009.25,-2.30%), among others.

Among the sectors, In BSE, BSE_IT index was at 9613.4 up by 20.62 points or by 0.21%. MindTree Ltd. (Rs. 1444.75,+1.64%), Wipro Ltd. (Rs. 584.50,+1.05%), Tata Consultancy Services Ltd. (Rs. 2275.00,+0.92%), HCL Technologies Ltd. (Rs. 1418.95,+0.52%),.

On the flip side, In BSE, BSE_CGS index was at 9678.68 down by -210.85 points or by -2.13%. Jindal Saw Ltd. (Rs. 54.80,-5.44%), Punj Lloyd Ltd. (Rs. 27.20,-2.86%), Bharat Heavy Electricals Ltd. (Rs. 166.30,-2.69%), ABB India Ltd. (Rs. 620.00,-2.67%), Larsen & Toubro Ltd. (Rs. 1009.25,-2.30%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares 2389 traded, 723 shares advanced, 1550 shares declined while 116 remained unchanged.

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Story first published: Friday, January 24, 2014, 12:36 [IST]
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