Finalaya daily market wrap 11 mar 2014

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Information about Finalaya daily market wrap 11 mar 2014
Finance

Published on March 11, 2014

Author: finalaya

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Profit-taking takes toll on Indian benchmarks; Nifty guards 6500

Profit-taking takes toll on Indian benchmarks; Nifty guards 6500 Market Snapshot | 11-03-2014 04:22 PM Following a cautious start, Indian indices traded in green zone in early deals. Subsequently, markets took a south turn and plunged in red as investors opted to pile up their positions after the rally in previous sessions. Bears continued their hold in D-Street despite of steep fall in February trade deficit numbers. Sensex slipped 108 points and Nifty stood 6511.9 at the close. On BSE sectorial front, Metal index topped the laggards by losing over 3%. Among global peers, US indices traded in deep red whereas Asian indices edged higher after witnessing a big slump in previous session. Furthermore, European indices were trading on a mixed note. Back home, on currency front, Rupee today hit fresh seven-month high level against Dollar straddling gains in most other Asian currencies. However, the domestic currency pared some of the early gains tailing the weakness in local markets. In futures trades, INR hit an intra-day high of 60.79/USD and an intra-day low of 61.16/USD. In spot trades, INR hit an intra-day high of 60.6/USD and an intra-day low of 60.94/USD. As per RBI reference rate, INR stood at 60.69/USD. (Read More) On macro-economic front, after the recent rally of barometer gauges to life time highs, the other joyous digits for investors came as the trade deficit numbers for month of February. India’s recorded its sharpest fall since September 2013 to $8.13 billion in February 2014 from $14.12 billion in February 2013 and $9.92 in January 2014. Sharp decline in oil and non-oil imports dragged the trade deficit to record levels. (Read More) After taking various measures, Government succeed to curb the Gold and Silver imports to balance the trade economy of country. Gold and silver imports declined 71.4% to USD 1.63 billion in February as against USD 5.24 billion a year ago. On the flip side, merchandise exports dipped 3.67% in February at $25.69 billion on yearly basis. In January, the exports grew at the rate of 3.8%. In the first 11 months of FY14, the exports rose 4.79% at $282.8 million on y-o-y basis but the trade ministry's target of $325 billion for FY14 is really unlikely. FDI in service sector witnessed a steep fall of 60% in first 9 months of Fiscal Year 2014. The services sector, which includes banking, insurance, outsourcing, R&D, courier and technology testing and that contributes over 60% to India's GDP, slipped by 60% to $1.59 billion. On stock specific front, Reliance Infrastructure and Tata Power soared over 4% at the close as Delhi Electricity Regulatory Commission (DERC) has reportedly allowed distribution companies to recover dues in phases starting 2014-15. Godrej Properties climbed 4.7% on BSE as the company entered into pact with Godrej & Boyce (G&B) to develop a new project on the Eastern Express Highway, Vikhroli in Mumbai. (Read More) T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1307 and 1594 respectively, while 183 scrips remained unmoved. The S&P BSE Sensex ended at 21826.42, down 108.41 points or 0.49%. The 30 share index touched a high and a low of 22018.52 and 21772.11 respectively. 11 stocks advanced against 18 declining ones on the benchmark index. The CNX Nifty lost 25.35 points or 0.39% to settle at 6511.90. The index touched high and low of 6562.85 and 6494.25 respectively. 21 stocks advanced against 29 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved down to 6703.41 and lost 0.29% while S&P BSE Small-cap index jumped up by 0.02% to 6664.69. The broader S&P BSE 500 index decreased to 7984.35 (down 0.41%) and CNX 500 index declined to 5026.95 (down 0.39%). The volatility as denoted by INDIA VIX lost 2.53% at 17.33 from its previous close of 17.78 on Monday. Sectors in action On the BSE Sectorial front, Real Estate (up 2.24%), Power (up 0.69%) and Information Technology (up 0.14%) were the top gainers.

Metals (down 3.44%), Healthcare (down 0.99%) and Automobile (down 0.64%) were the top losers. The Angels and the Devils Tata Power Company Ltd (up 4.12%), Oil and Natural Gas Corporation Ltd (up 1.07%), Hindustan Unilever Ltd (up 0.73%), Tata Motors Ltd (up 0.56%) and Bharat Heavy Electricals Ltd (up 0.51%) were the top gainers on the Sensex. Tata Steel Ltd (down 5.52%), Hindalco Industries Ltd (down 3.69%), Sesa Sterlite Ltd (down 3.63%), Maruti Suzuki India Ltd (down 2.67%) and Sun Pharmaceutical Industries Ltd (down 2.63%) were the top losers on the Sensex. Benchmark Drivers Reliance Industries Ltd (-22.37 points), HDFC Bank (-20.00 points), Tata Steel Ltd (-15.85 points), Sun Pharmaceutical Industries Ltd (-15.04 points) and ITC Ltd (-11.60 points) were the major Sensex drivers today. On the other end Reliance Industries Ltd (-5.51 points), HDFC Bank (-5.17 points), Sun Pharmaceutical Industries Ltd (-4.02 points), Tata Steel Ltd (-4.02 points) and Mahindra and Mahindra Ltd (-2.86 points) were the major Nifty movers today. Pivot, Supports and Resistance Levels CNX Nifty is now pivoted at 6523 for next session. The next support is at 6483 and on upside it has a resistance at 6552 levels. CNX Nifty Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close 12-Mar-2014 6415 6454 6483 6523 6552 6592 6620 - 11-Mar-2014 6421 6454 6496 6529 6571 6604 6645 6511.90 10-Mar-2014 6323 6368 6448 6493 6572 6617 6696 6537.25 S&P BSE Sensex has a pivot at 21872 with first level of support and resistance at 21726 and 21973 respectively. S&P BSE Sensex Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close 12-Mar-2014 21480 21626 21726 21872 21973 22119 22219 - 11-Mar-2014 21600 21703 21819 21921 22037 22140 22256 21826.42 10-Mar-2014 21231 21385 21653 21807 22074 22228 22495 21934.83 Follow us on This content is generated at www.finalaya.com and is governed by the Terms of Use.

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