Mid-Session: Sensex sheds over 100 pts; HDFC, Vedanta down 2% Analysis for Jun 16, 2015

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Weighed down by losses in the index heavyweights such as HDFC, ICICI Bank, Reliance Industries, HDFC Bank, Axis Bank and Tata Motors, the Indian equities were trading lower in noon session of the day"s trade as fears over Greece debt defaulting and Fed policy outlook loomed on investors sentiment. On the macro front, India's trade deficit declined to 3-month low at USD 10.41 billion in May against USD 10.99 billion in previous month, helped by rise in export while import dropped. On the global front, most Asian markets were trading in the red as Greece struggles to find a debt reforms compromise with its creditors, fueling fears of a default and exit from the euro zone, which too dampened the sentiments. Also, a two-day policy meeting of the US Federal Reserve's monetary committee starting later in the session contributed to the caution.

At 12:20 PM BSE SENSEX was at 26470.75 down by 115.8 points or by 0.44 per cent and the NSE Nifty was at 7980.3 down by 33.6 points or by 0.42 per cent.

In line with the benchmark indices, the broader market were also trading lower with the BSE MIDCAP trading at 10105.07 down by 15.73 points or by 0.16 per cent, while the BSE SMLCAP was at 10579.8 down by 38.6 points or by 0.36 per cent.

In the choppy trade so far, the BSE Sensex touched intraday high of 26597.28 and intraday low of 26461.49, while the NSE Nifty touched intraday high of 8010.50 and intraday low of 7972.75.

The top losers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 1187.30,-2.26%), Vedanta Ltd. (Rs. 178.00,-1.79%), Bharat Heavy Electricals Ltd. (Rs. 243.55,-1.54%), Tata Steel Ltd. (Rs. 292.90,-1.40%), Dr. Reddy's Laboratories Ltd. (Rs. 3280.00,-1.21%), among others.

On the flip side, Coal India Ltd. (Rs. 397.20,+0.74%), Tata Power Company Ltd. (Rs. 72.55,+0.62%), Hindalco Industries Ltd. (Rs. 115.00,+0.52%), Wipro Ltd. (Rs. 543.35,+0.45%), Mahindra & Mahindra Ltd. (Rs. 1225.90,+0.43%), were among top gainers on BSE.

Among the thirteen sectoral indices, realty index was top loser and was trading at 1343.48 down by 13.63 points or by 1 per cent. Unitech Ltd. (Rs. 7.33,-4.18%), Housing Development & Infrastructure Ltd. (Rs. 85.65,-2.89%), Indiabulls Real Estate Ltd. (Rs. 42.80,-2.84%), Anant Raj Ltd. (Rs. 36.80,-2.65%), Godrej Industries Ltd. (Rs. 239.45,-2.62%), were among top losers.

Following the realty index, BSE_CDS index was at 9777.79 down by 65.05 points or by 0.66 per cent. Titan Company Ltd. (Rs. 339.45,-1.59%), Symphony Ltd. (Rs. 2030.50,-1.21%), Blue Star Ltd. (Rs. 322.00,-0.89%), VIP Industries Ltd. (Rs. 94.65,-0.42%), Whirlpool of India Ltd. (Rs. 703.15,-0.28%), were among others dragging the market.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2389, shares advanced were 879 while 1382 shares declined and 128 were unchanged.

Story first published: Tuesday, June 16, 2015, 13:24 [IST]
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