Sensex remains weak; Bharti Airtel down 2% Analysis for Feb 03, 2014

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Amid weak global cues, the Indian benchmark index remained under pressure with the Sensex down 90 points. The selling pressure was followed by the global sell-off caused by anxieties over emerging markets and further disappointing manufacturing data from China. The major laggards on the D-street included Mahindra & Mahindra, Bharti Airtel, Hindalco, Tata Steel, Tata Motors, ICICI Bank and ONGC among others. According to the market men, telecom shares will be in focus as Bharti Airtel, Vodafone, Reliance Jio Infocomm and five other telecom firms will battle it out at the spectrum auction today, from which the government expects to garner at least Rs 11,300 crore. Moreover, for the further direction, the investors will be eying Q3 earnings of BHEL, Ranbaxy Laboratories, ACC and Ambuja Cements this week.

At 10:18AM BSE SENSEX was at 20423.84, down by 90.01 points or by 0.44 per cent, while the NSE Nifty was at 6074.35, down by 15.15 points or by 0.25 per cent.

The BSE MIDCAP was at 6306.29, down by 1.76 points or by 0.03 per cent, while the BSE SMLCAP was at 6284.63, up by 21.28 points or by 0.34 per cent.

The BSE Sensex touched an intraday high of 20480.35 and an intraday low of 20391.96, while the NSE Nifty touched an intraday high of 6074.65 and an intraday low of 6052.2.

The top gainers of the BSE Sensex pack were Dr. Reddy's Laboratories Ltd. (Rs. 2651.60,+1.71%), Sun Pharmaceutical Industries Ltd. (Rs. 596.65,+1.45%), Tata Power Company Ltd. (Rs. 74.95,+1.35%), Hero MotoCorp Ltd. (Rs. 1993.60,+1.17%), Cipla Ltd. (Rs. 415.15,+1.10%), among others.

The top losers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 308.10,-2.24%), Mahindra & Mahindra Ltd. (Rs. 871.00,-2.18%), Hindalco Industries Ltd. (Rs. 107.50,-1.87%), Tata Steel Ltd. (Rs. 349.80,-1.78%), Tata Motors Ltd. (Rs. 343.75,-1.74%), among others.

Among the sectors, In BSE, BSE_CDS index was at 5639.93 up by 91.75 points or by 1.65%. Whirlpool of India Ltd. (Rs. 184.10,+2.48%), Titan Company Ltd. (Rs. 227.00,+2.46%), TTK Prestige Ltd. (Rs. 3331.50,+1.48%), Rajesh Exports Ltd. (Rs. 79.50,+1.21%), Blue Star Ltd. (Rs. 140.30,+0.79%),.

On the flip side, In BSE, BSE Realty index was at 1200.04 down by -11.56 points or by -0.95%. Oberoi Realty Ltd. (Rs. 194.30,-4.92%), D B Realty Ltd. (Rs. 51.65,-2.55%), Housing Development & Infrastructure Ltd. (Rs. 41.45,-1.89%), Indiabulls Real Estate Ltd. (Rs. 53.10,-1.30%), DLF Ltd. (Rs. 135.80,-1.09%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 1715 shares traded, 869 shares advanced, 744 shares declined while 102 remained unchanged.

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Story first published: Monday, February 3, 2014, 10:48 [IST]
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