Mid-Session: Market slips in negative terrain; rate sensitive stocks drag Analysis for Aug 26, 2015

Posted By: Religare
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Weighed down by losses in the rate sensitive financial and auto indices, the Indian equities slipped in the negative terrain in the afternoon session of day"s trade, paring early gains. However, the market tone remained optimist amid recovery in other Asian peers on fresh China stimulus.

At 12:25 hours, the BSE SENSEX was trading at 25940.82, down by 91.56 points or by 0.35 per cent, and the NSE Nifty was quoting 5.8 points lower at 7874.9.

In the choppy trade so far, the BSE Sensex touched an intraday high of 26156.61 and intraday low of 25687.69, while the NSE Nifty touched high and low of 7930.05 and 7785.6, respectively.

Early today, Indian equities opened higher Early today led by increased buying by funds and retail investors mainly in the power, oil & gas, healthcare and IT sector stocks amid recovery in other Asian peers on fresh China stimulus but caution prevailed ahead of the expiry of the August Futures & Options (F&O) contracts on Thursday, restricted gains.

Leading the decline on the D-Street were Mahindra & Mahindra Ltd. (Rs. 1215.00,-3.10%), Hero MotoCorp Ltd. (Rs. 2406.95,-2.85%), State Bank of India (Rs. 247.10,-2.49%), Bharti Airtel Ltd. (Rs. 340.35,-2.39%), Bharat Heavy Electricals Ltd. (Rs. 227.95,-1.83%), among others.

However, some buying were witnessed in stocks, such as Tata Consultancy Services Ltd. (Rs. 2624.00,+2.21%), Bajaj Auto Ltd. (Rs. 2253.00,+2.19%), Wipro Ltd. (Rs. 553.30,+2.11%), GAIL (India) Ltd. (Rs. 285.95,+1.74%), Reliance Industries Ltd. (Rs. 866.90,+1.64%), among others.

On the sectoral front, rate sensitive bankex and auto indices were among top loser on BSE, shedding 1.38 per cent and 0.56 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2416, shares advanced were 1258 while 1057 shares declined and 101 were unchanged.

On the global front, the Asian equities continued to reel under selling pressure, with stocks in mainland China retreating over 1 per cent in intra-day trade amid deepening fears surrounding the health of the world"s second biggest economy. Hong Kong"s Hang Sang also slipped in red, Japan"s Nikkei 225 surged over 3 per cent.

Story first published: Wednesday, August 26, 2015, 13:12 [IST]
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