Market opens negative amid weak global cues Analysis for Mar 14, 2014

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The market opened lower tracking the weakness in Asian markets and subdued sentiment as Ukraine concerns resurface. Asian stocks came under heavy selling pressure today as concerns over China"s economy and Ukraine crises weighed on sentiment. Investments banks including Bank of America, UBS, JP Morgan and Nomura Holdings cut their forecasts for China"s economic growth in 2014 following a spate of weak economic data. Caution persisted ahead of a vote of Crimea on March 16 where it will decide whether to leave Ukraine and become independent or rejoin Russia even as the West warns Russia of further sanctions over the latter"s support for the secession.

At 9:18AM BSE SENSEX was at 21692.42 down by 82.19 points or by 0.38 per cent, while the NSE Nifty was at 6493.1 down by 23.8 points or by 0.37 per cent.

The BSE MIDCAP was at 6644.85 down by per cent 26.69 points or by 0.4 per cent, while the BSE SMLCAP was at 6631.01 down by 19.18 points or by 0.29 per cent.

The BSE Sensex touched an intraday high of 21695.73 and an intraday low of 21614, while the NSE Nifty touched an intraday high of 6561.45 and an intraday low of 6476.65.

The top gainers of the BSE Sensex pack were Infosys Ltd. (Rs. 3397.95,+1.20%), Tata Power Company Ltd. (Rs. 84.15,+1.20%), GAIL (India) Ltd. (Rs. 372.25,+0.84%), Coal India Ltd. (Rs. 267.00,+0.75%), ITC Ltd. (Rs. 345.15,+0.52%), among others.

The top losers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (Rs. 557.95,-2.73%), Sesa Sterlite Ltd. (Rs. 170.15,-1.59%), Axis Bank Ltd. (Rs. 1362.00,-1.36%), ICICI Bank Ltd. (Rs. 1201.85,-1.35%), Bharat Heavy Electricals Ltd. (Rs. 180.50,-1.31%), among others.

Among the sectors, In BSE, BSE_IT index was at 9011.7 up by 35.93 points or by 0.4%. Mahindra & Mahindra Ltd. (Rs. 1807.25,+1.50%), Infosys Ltd. (Rs. 3397.95,+1.20%), Hexaware Technologies Ltd. (Rs. 151.75,+0.90%), Tata Consultancy Services Ltd. (Rs. 2158.00,+0.21%),.

On the flip side, In BSE, BSE_Bankex index was at 13725.46 down by -124.39 points or by -0.9%. YES Bank Ltd. (Rs. 355.40,-1.65%), Axis Bank Ltd. (Rs. 1362.00,-1.36%), Bank of India (Rs. 195.90,-1.36%), ICICI Bank Ltd. (Rs. 1201.85,-1.35%), Kotak Mahindra Bank Ltd. (Rs. 754.35,-1.30%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 922 shares traded, 332 shares advanced, 556 shares declined while 34 remained unchanged.

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Story first published: Friday, March 14, 2014, 9:48 [IST]
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