Mid-Session: Market floats in red amid profit booking; broader market up Analysis for Apr 10, 2015

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The domestic bourses were trading lower with negative bias as investors booked profit after five sessions of gains ahead of key economic data industrial production (IIP) numbers for February to be released today. The market sentiments were dented by mixed global equity movement. According to market analysts, market likely to move sideways, taking cues from global markets while ongoing strength in dollar may force rupee to depreciate. On the corporate front, stocks of healthcare, FMCG, bank and financial sectors were trading in red. Major show spoilers included were Cipla, Hindalco Industries, HDFC Bank, Housing Development Finance Corporation and ITC.

At 12:20 PM BSE SENSEX was at 28827.46 down by 57.75 points or by 0.2 per cent and then NSE Nifty was at 8759.95 down by 18.35 points or by 0.21 per cent.

Outperforming the benchmark indices, the broader market were holding its ground with the BSE MIDCAP trading at 11111.48 up by 61.23 points or by 0.55 per cent, while the BSE SMLCAP was at 11785.16 up by 67.68 points or by 0.58 per cent.

In the choppy trade so far, the BSE Sensex touched intraday high of 28899.19 and intraday low of 28768.28, while the NSE Nifty touched intraday high of 8781.40 and intraday low of 8739.70.

The top losers of the BSE Sensex pack were Cipla Ltd. (Rs. 704.00,-2.11%), Hindalco Industries Ltd. (Rs. 137.95,-1.43%), HDFC Bank Ltd. (Rs. 1046.20,-0.95%), Housing Development Finance Corporation Ltd. (Rs. 1294.15,-0.82%), ITC Ltd. (Rs. 343.65,-0.74%), among others.

On the flip side, Tata Steel Ltd. (Rs. 344.85,+2.56%), State Bank of India (Rs. 285.45,+1.78%), Sesa Sterlite Ltd. (Rs. 197.70,+1.59%), Tata Power Company Ltd. (Rs. 79.40,+1.47%), Bharat Heavy Electricals Ltd. (Rs. 236.30,+1.42%), were among top gainers on BSE.

Among the thirteen sectoral indices,HCS index was top losers and was trading at 18063.69 down by 131.07 points or by 0.72 per cent. Cipla Ltd. (Rs. 704.00,-2.11%), Lupin Ltd. (Rs. 1974.00,-2.03%), Cadila Healthcare Ltd. (Rs. 1806.05,-1.88%), Sun Pharmaceutical Industries Ltd. (Rs. 1105.75,-0.68%), Dr. Reddy's Laboratories Ltd. (Rs. 3725.00,-0.39%), were among top losers.

Following the HCS index, BSE_CGS index was at 17733.87 down by 46.37 points or by 0.26 per cent. Suzlon Energy Ltd. (Rs. 28.75,-1.37%), Carborundum Universal Ltd. (Rs. 184.80,-1.18%), Thermax Ltd. (Rs. 1086.55,-1.14%), Bharat Electronics Ltd. (Rs. 3653.50,-1.10%), ABB India Ltd. (Rs. 1349.50,-1.00%), were among others dragging the market.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2551, shares advanced were 1455 while 996 shares declined and 100 were unchanged.

Story first published: Friday, April 10, 2015, 12:36 [IST]
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