Profit booking continues; IT, Pharma stocks under pressure Analysis for May 16, 2014

Posted By: Religare
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Markets seem to be losing sheen amid profit taking at higher levels and volatility has crashed post the electoral results. Banking stocks which had led the gains since early trades have come off their intra-day highs while IT shares continue to face selling pressure amid a stronger rupee.

At 2:08PM BSE SENSEX was at 24232.03 up by 326.43 points or by 1.37 per cent, while the NSE Nifty was at 7260.9 up by 137.75 points or by 1.93 per cent.

The BSE MIDCAP was at 7772.44 up by 132.34 points or by 1.73 per cent while the BSE SMLCAP was at 7866.96 up by 75.84 points or by 0.97 per cent.

The BSE Sensex touched an intraday high of 25375.63 and an intraday low of 23873.16, while the NSE Nifty touched an intraday high of 7563.5 and an intraday low of 7130.65.The top gainers of the BSE Sensex pack were Sesa Sterlite Ltd. (Rs. 209.60,+8.35%), State Bank of India (Rs. 2415.35,+5.98%), ICICI Bank Ltd. (Rs. 1461.45,+4.91%), Axis Bank Ltd. (Rs. 1736.00,+4.35%), HDFC Bank Ltd. (Rs. 821.70,+4.26%), among others.

The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 436.20,-5.32%), Wipro Ltd. (Rs. 499.55,-3.25%), ITC Ltd. (Rs. 357.00,-2.96%), Dr. Reddy's Laboratories Ltd. (Rs. 2408.90,-2.95%), Infosys Ltd. (Rs. 3184.75,-2.62%), among others.Among the sectors, In BSE, BSE Realty index was at 1604.08 up by 88.92 points or by 5.87%. Indiabulls Real Estate Ltd. (Rs. 75.20,+14.29%), Sobha Developers Ltd. (Rs. 414.00,+8.58%), Omaxe Ltd. (Rs. 136.20,+6.45%), Unitech Ltd. (Rs. 19.50,+6.27%), DLF Ltd. (Rs. 170.00,+6.25%),.

On the flip side, In BSE, BSE_IT index was at 8681.25 down by -156.91 points or by -1.78%. Oracle Financial Services Software Ltd. (Rs. 2836.60,-3.70%), MindTree Ltd. (Rs. 1390.30,-3.65%), Wipro Ltd. (Rs. 500.70,-3.03%), Infosys Ltd. (Rs. 3190.60,-2.44%), HCL Technologies Ltd. (Rs. 1375.50,-2.02%),.The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2932 shares traded, 1252 shares advanced while 1524 shares declined while 156 remained unchanged.

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Story first published: Friday, May 16, 2014, 15:12 [IST]
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