Post-Market: Market closes in negative terrain after hitting all time high Analysis for Jun 11, 2014

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Indian bourses ended the volatile session in the negative terrain. After hitting a lifetime high, the BSE SENSEX closed at 25473.89 down by 109.8 points or by 0.43 per cent and the NSE Nifty was at 7626.85 down by 29.55 points or by 0.39 per cent. Substantial profit booking was witnessed in metals, oil & gas, power and realty sectors. Gains in technology and banks provided some support to the indices. The market is witnessing gradual sector rotation ahead of the release of inflation data and Union Budget. Nineteen out of the fifty companies on CNX NIFTY are trading below their long-term averages, thus providing a good opportunity to buy on the dips, hence providing a positive outlook. Moreover, State Bank of India, the nation's biggest lender is eying to kick off consolidation in the banking industry by combining five associate banks as it prepares to fund the economy that is on the growth trajectory. SBI subsidiaries hit 52 week high on this news gaining between 10 to 18 percent in today"s session.

On the economic front, release of trade data showed a jump to $11.23 billion from $10.1 billion on a sequential basis even though the exports grew at the fastest pace in last six months.

The BSE MIDCAP was at 9118.89 down by 92.96 points or by 1.01 per cent while the BSE SMLCAP was at 9950.03 down by 67.41 points or by 0.67 per cent.

The BSE Sensex touched intraday high of 25735.87 and intraday low of 25365.65 The NSE Nifty touched intraday high of 7700.05 and intraday low of 7589.05The top losers of the BSE Sensex pack were Tata Power Company Ltd. (Rs. 106.90,-4.98%), Hindalco Industries Ltd. (Rs. 162.60,-4.18%), Coal India Ltd. (Rs. 404.10,-3.84%), Bharat Heavy Electricals Ltd. (Rs. 247.10,-3.33%), NTPC Ltd. (Rs. 158.25,-3.18%), among others.

The top losers of the NSE Nifty pack were DLF Ltd. (Rs. 220.90,-5.29%), Tata Power Company Ltd. (Rs. 107.00,-4.93%), Hindalco Industries Ltd. (Rs. 162.65,-4.18%), NMDC Ltd. (Rs. 182.40,-3.87%), Coal India Ltd. (Rs. 404.30,-3.83%), among others.

On the sectoral front, BSE Realty index was at 2097.05 down by 92.07 points and BSE_CDS index was at 8401.31 down by 258.67 points.

The Market breadth, indicating the overall strength of the market, was marginally positive. On BSE out of total shares traded 3334, shares advanced were 1727 while 1518 shares declined and 89 were unchanged.

Asian stocks turned into a mixed performance in today"s trade as investors discounted the news about the global economic outlook. Sentiment was hit after the World Bank trimmed its global growth forecast to 2.8 percent from an earlier prediction of 3.2 percent, saying developing counties are heading for "disappointing growth" because of the Ukraine crisis, financial market turbulence and unusually cold weather in the United States, however, most of the investors shrugged off the disappointing forecasts amid expectations of positive reforms world-wide.Japanese shares rebounded from a one-week closing low hit the previous day after the head of Japan's $1.26 trillion public pension fund said the fund will announce a boost to stock and foreign-bond investments in early autumn. Shanghai Composite Index edged up 0.12 percent to 2,054,95, a seven-week high , while Hong Kong's Hang Seng Index dropped 0.25 percent to 23,257.29, retreating from a five-month high.

Story first published: Wednesday, June 11, 2014, 17:00 [IST]
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