Mid-Session: Sensex, Nifty slip in red; Wipro, CIL down Analysis for Jul 04, 2014

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The Indian benchmark indices slipped into negative terrain in afternoon session of day"s trade on Friday as market consolidate, taking some breathe after recent pre-budget rally. The market sentiment was partially dampened after Finance Minister Arun Jaitley expressed concern over the impact of Iraq crisis on crude oil. In the choppy trade, gains in healthcare, auto, oil and gas, banks and technology stocks were offset by losses in metal and capital goods stocks.

At 12:20 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 25723.24 down by 100.51 points or by 0.39 per cent and the NSE Nifty was at 7710.65 down by 4.15 points or by 0.05 per cent.

On the global front, most Asian stocks edged higher after US jobs data came in better than expected, raising hopes of a pickup in the world"s biggest economy. American employers added 288,000 jobs in June, up from 224,000 in the previous month as the jobless rate slid to 6.1 per cent from 6.3 per cent in May.

However, the broader market continued to hold its ground and was moving higher above the baseline. The BSE MIDCAP was at 9498.32 up by 7.74 points or by 0.08 per cent, while the BSE SMLCAP was at 10442.09 up by 22.71 points or by 0.22 per cent.

The market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2936, shares advanced were 1371 while 1444 shares declined and 121 were unchanged.

The top losers of the BSE Sensex pack were Wipro Ltd. (Rs. 544.85,-1.93%), Mahindra & Mahindra Ltd. (Rs. 1212.95,-1.86%), Coal India Ltd. (Rs. 389.70,-1.67%), Sesa Sterlite Ltd. (Rs. 305.85,-1.51%), Tata Power Company Ltd. (Rs. 105.30,-1.50%), among others.

On the flip side, Dr. Reddy's Laboratories Ltd. (Rs. 2677.20,+1.51%), Infosys Ltd. (Rs. 3231.10,+0.63%), Bharti Airtel Ltd. (Rs. 338.95,+0.47%), Reliance Industries Ltd. (Rs. 1011.25,+0.41%), Bajaj Auto Ltd. (Rs. 2300.00,+0.20%), were among notable gainers on BSE.

Among the thirteen sectoral indices on BSE, metal index was leading the fall and was trading lower at 13394.76 down by 165.03 points or by 1.22 per cent. Steel Authority of India (SAIL) Ltd. (Rs. 93.90,-1.93%), Jindal Steel & Power Ltd. (Rs. 323.40,-1.78%), Coal India Ltd. (Rs. 389.70,-1.67%), Sesa Sterlite Ltd. (Rs. 305.85,-1.51%), Hindalco Industries Ltd. (Rs. 171.50,-1.29%), were among the notable losers on BSE.

Following the metal index, BSE_CGS index was at 16504.42 down by 169.35 points or by 1.02 per cent. ABB India Ltd. (Rs. 1116.00,-2.04%), Alstom India Ltd. (Rs. 518.00,-1.97%), Va Tech Wabag Ltd. (Rs. 1435.00,-1.84%), Larsen & Toubro Ltd. (Rs. 1730.00,-1.28%), Crompton Greaves Ltd. (Rs. 202.25,-1.25%), were among the others dragging the market.

Story first published: Friday, July 4, 2014, 12:48 [IST]
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