Published on March 13, 2014
Nifty slips below 6500 as Infy plays Spoilsport Market Snapshot | 13-03-2014 04:21 PM Indian Indices recuperated the losses made in early minutes of trade and continued the moves in upward direction. Bull retained their hold on D-Street as euphoric digits of IIP and CPI weighed. However, benchmarks trickled down in late hours on account of selling pressure in IT index. Both barometer gauges slipped 0.37% to end near day’s low with Nifty below 6500 mark. On sectorial front, IT index crashed 4% on BSE with Infosys (down 8.54%) taking the lead after the company's executive chairman Narayana Murthy said he is not at all happy at the way Infosys has performed and also raised concerns about its Q4 FY13-14 growth guidance. (What’s Hot) On global front, US indices recuperated from early losses and traded mostly in green. Additionally, European indices too traded in positive terrain whereas Asian indices exhibited mixed trades. Back home, on currency front, Rupee snapped 2-day losing streak and strengthened against Dollar buoyed by joyous macro-economic data. In futures trades, INR hit an intra-day high of 61.02/USD and an intra-day low of 61.27/USD. In spot trades, INR hit an intra-day high of 60.91/USD and an intra-day low of 61.11/USD. As per RBI reference rate, INR stood at 61.01/USD. (Read More) On commodity front, Gold continued the upward journey amidst weakness in global equity markets. In futures trade, Gold hit an intra-day high of Rs 30544 per 10 gms and an intra-day low of Rs 30390 per 10 gms. (Read More) On macro-economic front, retail inflation has amazed the D-Street by easing to astonishing level of 25 months low. Annual rate of inflation gauged by Consumer Prices Index (CPI) plunged to 8.10% in February 2014 as against 8.79% in January 2014 on the back of moderation in food prices. This was the third consecutive monthly fall in retail inflation digits. Adding to the cherry on the cake, Core CPI inflation slipped below the 8% mark for the first time in 7 months. Core CPI inflation stood at 7.9% in February 2014 as against 8.1% in January 2014. (Read More) Another important macro-economic number of Index of Industrial production (IIP) has beat all the expectations in the month of January by posting a growth for the first time in four months. IIP for the first month of CY2014 stood positive 0.1% as against -0.2% (revised) in December 2013. On stock specific front, pharmaceutical bellwether, Sun Pharmaceuticals tanked 5% on BSE as the United States Food and Drug Administration (USFDA) imposed an import alert on the company’s plant in Gujarat. (Read More) MMTC rallied 9.84% on BSE after the company emerged as the sole bidder for supply of imported fuel to Coal India (up 2%). (Read More) T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1340 and 1552 respectively, while 158 scrips remained unmoved. The S&P BSE Sensex ended at 21774.61, down 81.61 points or 0.37%. The 30 share index touched a high and a low of 21991.36 and 21720.13 respectively. 17 stocks advanced against 13 declining ones on the benchmark index. The CNX Nifty lost 23.80 points or 0.37% to settle at 6493.10. The index touched high and low of 6561.45 and 6476.65 respectively. 24 stocks advanced against 26 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved down to 6671.54 and lost 0.55% while S&P BSE Small-cap index hammered down by 0.22% to 6650.19. The broader S&P BSE 500 index decreased to 7956.96 (down 0.39%) and CNX 500 index declined to 5007.20 (down 0.43%). The volatility as denoted by INDIA VIX lost 1.29% at 16.82 from its previous close of 17.04 on Wednesday. Sectors in action On the BSE Sectorial front, Oil & Gas (up 1.45%), Banks (up 0.92%) and Automobile (up 0.54%) were the top gainers.