Published on February 20, 2014
Nifty slips below 6100 amidst renewed global concerns Market Snapshot | 20-02-2014 04:21 PM Sluggish global cues dragged Indian indices lower at start. Sentiments remained dampened as Rupee depreciated against Dollar to week’s low levels. Benchmarks extended their declining spree amidst renewed concerns of global slowdown as evinced from Chinese economic data. Sensex plummeted 186 points and Nifty slipped 1% to end below 6100. On BSE sectorial front, Bankex topped the laggards. Among global peers, US indices plunged with Nasdaq snapping 8-day winning streak on the release of latest Fed Meet. The minutes indicated that maximum Fed members are in favor of continuing stimulus taper despite of disappointing winter’s economic data. Tracking the weak lead from Wall-Street and contraction in Chinese manufacturing activity, Asian and European indices also dipped in negative terrain amid reports of social networking giant Facebook buying Whatsapp for a whopping sum of $19 billion. Back home, on currency front, Rupee weakened against Dollar amidst the increased dollar demand combined with weakness of local equities. In futures trade, INR made an intra-day low of 62.48/USD and an intra-day high of 62.23/USD. In spot trade, INR made an intra-day low of 62.45/USD and an intra-day high of 62.21/USD. As per RBI reference rate, INR stood at 62.28/USD. (Read More) On bullion front, Gold fell below the 30K mark in futures trades to touch an intra-day low of Rs 29830/10 grams and an intra-day high of Rs 29980/10 grams. In spot trades, the price of yellow metal stood at Rs 30499 per 10 grams. On stock specific front, Shree Renuka Sugars soared 3.7% on BSE as according to some reports, Singapore-based agribusiness company Wilmar International will soon finalize an agreement to buy up to 30% stake in the company. (Read More) DCM Shriram Consolidated rallied 14% to hit fresh 52 week high at Rs 71.75 on BSE in the otherwise negative market after the company said its board will consider the share buyback from the existing shareholders in forthcoming board meeting. Rhodia Specialty ended at 10% upper circuit at Rs 797.5 on BSE after one of the promoter of the company Solvay SA raised the delisting offer price to Rs 675 per share. T h e market breadth on the BSE closed in negative. Advancing and declining stocks were 1243 and 1521 respectively, while 159 scrips remained unmoved. The S&P BSE Sensex ended at 20536.64, down 186.33 points or 0.90%. The 30 share index touched a high and a low of 20662.66 and 20522.04 respectively. 6 stocks advanced against 24 declining ones on the benchmark index. The CNX Nifty lost 61.30 points or 1.00% to settle at 6091.45. The index touched high and low of 6129.10 and 6086.45 respectively. 9 stocks advanced against 41 declining ones on the index. S&P BSE Sensex CNX Nifty The S&P BSE Mid-cap index moved up to 6377.02 and gained 0.00% while S&P BSE Small-cap index hammered down by 0.16% to 6361.85. The broader S&P BSE 500 index decreased to 7513.54 (down 0.70%) and CNX 500 index declined to 4716.35 (down 0.77%). The volatility as denoted by INDIA VIX gained 0.60% at 15.16 from its previous close of 15.07 on Wednesday. Sectors in action On the BSE Sectorial front, Power (up 0.24%) and Capital Goods (up 0.12%) were the top gainers. Banks (down 1.63%), Metals (down 1.01%) and FMCG (down 0.91%) were the top losers. The Angels and the Devils Dr. Reddys Laboratories Ltd (up 1.82%), Bajaj Auto Ltd (up 1.15%), Tata Power Company Ltd (up 0.90%), Bharat Heavy Electricals Ltd (up 0.27%) and Larsen And Toubro Ltd (up 0.21%) were the top gainers on the Sensex.