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Post Session: Market ends lower on profit booking; PSU stocks buck trend Analysis for Aug 17, 2015

By Religare

Taking some breather after strong rally in previous session, the Indian benchmark indices consolidated on Monday as steep fall in Chinese equity weighed on market sentiment. The market sentiment was further dented by selling in blue chip stocks such as HDFC, HDFC Bank, Reliance Industries and Larsen & Toubro in the absence of any positive trigger. However, sharp rise in consumer durables and PSU stocks restricted downtrend. The investor gave thumbs-up to PSU stocks, with SBI rising 4 per cent, after the government unveiled plan to revive the fortunes of public sector banks.


The BSE SENSEX closed at 27878.27, down by 189.04 points or by 0.67 per cent, while the NSE Nifty ended 41.25 points lower at 8477.3.

However, a smart recovery was witnessed in the broader market, with the BSE MIDCAP and the BSE SMLCAP rising 0.3 per cent and 0.21 per cent, respectively, in otherwise weak trading session.

In the bearish trade, the BSE Sensex touched intraday high of 28095.97 and intraday low of 27739.13, while the NSE Nifty touched high and low of 8530.6 and 8428.05, respectively, during the day"s trade.

Leading the decline on BSE Sensex pack were Cipla Ltd. (Rs. 703.85,-4.95%), Hindalco Industries Ltd. (Rs. 90.85,-2.63%), Oil And Natural Gas Corporation Ltd. (Rs. 264.15,-2.37%), Hero MotoCorp Ltd. (Rs. 2653.50,-2.23%), Dr. Reddy's Laboratories Ltd. (Rs. 4180.00,-1.83%), among others.

Meanwhile, some buying were witnessed in Tata Steel Ltd. (Rs. 246.55,+3.99%), State Bank of India (Rs. 279.05,+3.95%), GAIL (India) Ltd. (Rs. 344.50,+1.88%), Sun Pharmaceutical Industries Ltd. (Rs. 906.40,+0.83%), Coal India Ltd. (Rs. 380.00,+0.68%), among others on BSE.

On the sectoral front, realty and capital good indices emerged as top losers, shedding 1.28 and 0.99 per cent, respectively, on BSE.

The Market breadth, indicating the overall strength of the market, was flat. On BSE out of total shares traded 2915, shares advanced were 1412 while 1392 shares declined and 111 were unchanged.

On the global front, the Asian equities ended mostly lower, with mainland China retreated led by a drop in energy and financial companies, while Hang Seng declined but Japan"s Nikkei 225 climbed as the world"s third biggest economy contracted less than expected in Q2. Japan"s economy shrank 1.6 per cent annualized pace in the June-August quarter, beating expectations for a 1.8 per cent contraction.

Story first published: Monday, August 17, 2015, 17:24 [IST]
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