Post Session: Market snaps two-day gains on weak global cues Analysis for Sep 21, 2015

Posted By: Religare
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The Indian equities ended flat, albeit in negative terrain, in choppy trade on Monday as weaker Asian and US markets spooked investors sentiment. Losses in index heavy weights such as Reliance Industries, ITC, M&M, Bharti Airtel and Dr. Reddy's Laboratories weighed on market sentiment. Sector-wise, fast moving consumer goods (FMCG), consumer durables and oil and gas stocks ended in red, while gain in banking, capital goods and automobile space capped market losses.

The 30-share BSE SENSEX closed at 26192.98, down by 25.93 points or by 0.1 per cent and the NSE Nifty ended 4.8 points lower at 7977.1.

In the bearish trade, the BSE Sensex touched intraday high of 26233.46 and intraday low of 25972.54, while the NSE Nifty touched high and low of 7987.9 and 7908.35, respectively.

Early today, the Indian equities belled the day in red, snapping a two-day run of gains, as uncertainty surrounding the global economic outlook rattled markets across Asia. The rupee also lost its ground, in line with equity market, against the dollar in early trade today on fresh buying of the US currency by importers.

Outperforming the benchmark indices, the broader market ended higher, with the BSE MIDCAP settling 46.73 points or by 0.44 per cent higher at 10692.79, while the BSE SMLCAP rallied 131.24 points to end at 10935.3.

On the sectoral front, FMCG and oil and gas indices emerged as top losers, shedding 0.76 per cent and 0.27 per cent, respectively.

Leading the decline on BSE Sensex pack were Reliance Industries Ltd. (Rs. 877.70,-1.94%), ITC Ltd. (Rs. 314.30,-1.32%), Mahindra & Mahindra Ltd. (Rs. 1186.00,-1.30%), Bharti Airtel Ltd. (Rs. 352.10,-1.14%), Dr. Reddy's Laboratories Ltd. (Rs. 3957.35,-1.11%), among others.

Meanwhile, Maruti Suzuki India Ltd. (Rs. 4520.00,+2.64%), Hindalco Industries Ltd. (Rs. 78.00,+2.43%), Axis Bank Ltd. (Rs. 527.90,+2.05%), GAIL (India) Ltd. (Rs. 292.10,+1.55%), State Bank of India (Rs. 245.15,+1.16%), were among top gainers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2711, shares advanced were 1577 while 1017 shares declined and 117 were unchanged.

On the global front, the Asian equities mostly ended lower, barring China"s Shanghai Composite which ended higher in late hour trade amid bargain hunting opportunities. Hang Seng ended lower amid worries that government efforts may not be enough to stave off a worsening slowdown in the world"s second biggest economy, while Japanese stocks were closed today.

Story first published: Monday, September 21, 2015, 16:36 [IST]
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