Market Morning- HDFC SEC.
The US markets continued there declines albeit on a smaller scale, DowJones was down 28 and the Nasdaq fell by 10 points overnight. The Brazilian index also fell 0.80% and all the European markets were down between 0.5 to 1.2%. The Asian markets have though opened on a positive note with the Nikkei trading 110 points higher. Crude oil fell $2.08 to 57.81, Gold was down $5 at 667.30 and Copper closed 2% lower.
Closer at home the Bulls were taken by surprise as some heavy selling saw the Sensex loose 350 points on a closing basis. the Sensex hit an intra-day low of 14146 and finally closed at 14190. The Nifty also lost 129 points to close at 4058.
All Sectoral indices ended lower in line with the overall markets, the biggest looser was the BSE Capital goods index which finished 5.17% lower. The least hit was BSE-FMCG index which lost 0.93%. Other indices were as follows: BSE Auto(3.41%), BSE Bankex(2.61%), BSE Consumer Durables (3.80%), BSE Healthcare (2.58%), BSE IT(1.01%), BSE Metals (5.46%), BSE Oil&Gas (2.33%) and BSE PSU index closed 2.87% lower.
Orient Bank(1.20%), Hero Honda (0.98%), Tata Power(0.36%) and HLL (0.32%) were the only stocks amongst the Nifty pack closing in the green. Amongst the top loosers were Hindalco(14.13%), Suzlon(13.25%), VSNL(10.11%) and MTNL (8.72%). Amongst the other stocks Century Textile (11.76%), LITL(11.56%), IDBI(11.10%) and Parsavnath (11%) were the major loosers, There were a very few winners in the markets today and they included Pioneer Emb(7.88%), TV Today(5.27%) and Financial Technologies(3.28%).
Advance-Decline ratio stood at 1:16, with the declines outnumbering the declines. The NSE recorded volumes of Rs.8900crores in the cash segment and Rs.40000 crores in the FnO segment. FIIs were buyers to the tune of 275crores on Friday in the Cash market and the mutual funds sold stocks worth 191 crores.
The next support comes in at 3970 for the Nifty from where a sharp pullback could be expected. On the upside 4115-4130 will remain stiff areas to get past.
