Post Session: Sensex snaps two days of gains, settles below 28,000 Analysis for Jul 02, 2015

Subscribe to GoodReturns

Taking a breather after two days of gains, Indian equities ended lower in choppy trade on Thursday after global rating firm Fitch lowered India"s economic growth projection to 7.8 per cent for the current fiscal from 8 per cent. The underlying sentiment on domestic bourses remained cautious as dwindling economic scenario in the euro zone propelled investors — especially foreign —to cut their shareholdings in risker assets and move towards less risker assets such as gold and bonds. Further, losses in index heavyweights such as Tata Motors and Infosys weighed on the bourses.

On the global front, Asian stocks ended higher for the third session on a trot as strong US economic data helped traders shrug off Greek concerns, albeit Chinese market continued its southward journey. China"s Shanghai Composite extended losses despite government"s numerous efforts to boost investors confidence. The Chinese government has rolled out slew of market-friendly measures such as a cut in interest rates cuts and lowering trading costs to increase appetite for the risker assets.

The BSE SENSEX closed at 27945.8 down by 75.07 points or by 0.27 per cent and the NSE Nifty ended at 8444.9 down by 8.15 points or by -0.1 per cent.

Outperforming the benchmark indices, the BSE MIDCAP closed at 10871.84 up by 52.53 points or by 0.49 per cent, while the BSE SMLCAP settled 64.31 points or by 0.57 points higher at 11299.99.

During the day"s trade, the BSE Sensex touched intraday high of 28115.96 and intraday low of 27906.35, while the NSE Nifty touched intraday high of 8479.25 and intraday low of 8433.20.

The top losers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 436.00,-1.98%), Hindalco Industries Ltd. (Rs. 111.15,-1.72%), Cipla Ltd. (Rs. 625.10,-1.29%), Oil And Natural Gas Corporation Ltd. (Rs. 310.00,-1.18%), Vedanta Ltd. (Rs. 173.95,-1.11%), among others.

On the flips side, Mahindra & Mahindra Ltd. (Rs. 1316.00,+2.00%), Bharti Airtel Ltd. (Rs. 431.90,+1.74%), Bajaj Auto Ltd. (Rs. 2566.10,+1.68%), Hero MotoCorp Ltd. (Rs. 2537.80,+0.75%), Axis Bank Ltd. (Rs. 582.00,+0.56%), were among top gainers on BSE.

On the sectoral front, metal and IT indices emerged as top loser, shedding 0.62 per cent and 0.41 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2844, shares advanced were 1508 while 1234 shares declined and 102 were unchanged.

Story first published: Thursday, July 2, 2015, 17:00 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Find IFSC