Sensex takes a pause after breathtaking run; trades lower

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, May 14, 2014, 9:27 [IST]

Markets opened the day flat after a breathtaking rally of 1500 points on the Sensex, fuelled largely by FII money.

The Sensex was trading lower by 11 points at 23,860 points, while the Nifty was up 3 points in trade.

Shares in Bharat Heavy Electricals were trading lower after the Cabinet Committee on Economic Affairs ratified a decision to sell 4.66 per cent stake in power equipment maker.

Software major HCL Technologies gained per cent after the company bagged a global contract from pharma major Novartis.

Among the gainers from the Nifty stocks today were Tech Mahindra, NMDC and Grasim.

Nifty stocks that lost ground in trade today were Mahindra and Mahindra, Tata Motors and Maruti.

Punjab National Bank which reported a poor set of numbers on Tuesday continued to drift lower. Other PSU banks were mostly trading flat after a breathtaking really in the last few weeks.

Private sector lenders were the clear losers in trade with Yes Bank, ICICI Bank, HDFC Bank and IndusInd Bank declining.

Mid cap stocks, however, continued to rally with winners being Jubilant Foodworks, Reliance Capital and Biocon.

Shares in lubricants major Castrol India fell after the company disappointed with 19.4 per cent drop in net profit for the Jan-March quarter.
Meanwhile, Asian markets were trading higher led by gains in the Singapore Strait Times and the Hong Kong's Hang Sang.

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