Post Session- Sensex ends lower despite upbeat WPI data Analysis for Oct 14, 2014

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The key domestic benchmarks ended lower today as the Sensex shed 34 points led by losses in realty and IT stocks as investors stayed on the sidelines ahead of a trading holiday tomorrow due to assembly elections in Maharashtra and Haryana. Investors are cautious ahead of election results which are important for the BJP government which lacks numbers in the Rajya Sabha. However, banking stocks rose after wholesale inflation tumbled to a five-year low last month, raising bets of a cut in interest rates by the RBI in the near-term. Wholesale prices in India climbed by 2.38 per cent in September 2014 from the same month a year ago, the lowest inflation rate since October 2009, government data showed on Tuesday. Analysts were expecting wholesale inflation to stand at 3.3 per cent in September 2014. In August 2014, wholesale price inflation stood at 3.74 per cent. Consumer prices in India fell to 6.46 per cent in September 2014 from a revised 7.73 per cent in August 2014.

On the corporate front, the stock of realty firm DLF tumbled over 28 per cent after regulators barred the company and its chairman from raising funds for failing to disclose information during its initial public offering.

Meanwhile, Asian stocks tumbled as concerns over a slowing global economy and spread of Ebola dampened risk taking appetite. China"s Shanghai Composite and Hang Seng retreated as protests in Hong Kong added to a gloomy global outlook. Japan"s Nikkei 225 tumbled after markets reopened after a holiday today as a stronger yen dimmed the appeal of exporter stocks.

The BSE SENSEX closed at 26,349.33, down by 34.74 points or by 0.13 per cent, and the NSE Nifty ended at 7,864, down by 20.25 points or by 0.26 per cent.

The BSE Sensex touched intraday high of 26,550.79 and intraday low of 26,212.01. The NSE Nifty touched intraday high of 7,928 and intraday low of 7,825.45.

Meanwhile, the BSE MIDCAP closed at 9,473.08, down by 16.68 points or by 0.18 per cent, while the BSE SMLCAP ended at 10,631.25, down by 15.22 points or by 0.14 per cent.

On the Sectoral front, realty and IT shed 9.24 per cent and 0.77 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3157, shares advanced were 1364 while 1678 shares declined and 115 were unchanged.

The top losers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 488.20,-1.64%), Housing Development Finance Corporation Ltd. (Rs. 1003.85,-1.44%), Oil And Natural Gas Corporation Ltd. (Rs. 401.65,-1.27%), ITC Ltd. (Rs. 347.55,-0.87%), HDFC Bank Ltd. (Rs. 868.75,-0.86%), among others.

Story first published: Tuesday, October 14, 2014, 16:48 [IST]
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