Markets open on subdue note; ICICI Bank, HDFC down
Tracking a bearish trend in Asian stocks and a negative closing at Wall Street overnight, the domestic bourses belled the day on negative note on Tuesday, led by losses in index heavyweights such as Hindalco, ICICI Bank, HDFC and Wipro. However, the broader market opened higher with both the mid and smallcap indices gaining over 0.20 per cent and 0.15 per cent, respectively, in the opening deals. The Sensex may be in consolidation mode after two straight days of gains as caution persists ahead of election results. Investors will be eying the Q4 earnings number of pharma major Lupin. The stock of mortgage lender HDFC may be in focus after the company reported a strong 11 per cent growth in its net profit at Rs 1,723 crore in Q4 FY 2013-14 as margins improved.
At 9:25 hours, the 30-share barometer index of Bombay Stock Exchange was trading at 22497.14 down by 11.28 points or by 0.05 per cent and the NSE Nifty was at 6713.1 down by 2.2 points or by 0.03 per cent.
Outperforming benchmark indices, the broader markets edge higher in opening. The BSE MIDCAP was at 7386.05 up by 15.36 points or by 0.21 per cent while the BSE SMLCAP was at 7544.79 up by 11.96 points or by 0.16 per cent.
On the global front, US stocks ended lower on Tuesday amid a sell-off in internet companies led by Twitter Inc. Social networking company Twitter Inc. slumped by 18 per cent after nearly 480 million shares from investors became eligible for sale, more than four times the current amount available for trading. Investors weighed mixed US data as a fall in economic optimism was offset by a narrowing trade shortfall.
Back home, the market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 1061, shares advanced were 573 while 446 shares declined and 42 were unchanged.
The top losers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 137.00,-1.05%), Axis Bank Ltd. (Rs. 1523.00,-0.97%), Housing Development Finance Corporation Ltd. (Rs. 869.50,-0.88%), ICICI Bank Ltd. (Rs. 1268.00,-0.51%), Wipro Ltd. (Rs. 512.00,-0.51%), among others.
On the flip side, Oil And Natural Gas Corporation Ltd. (Rs. 339.00,+0.61%), ITC Ltd. (Rs. 350.00,+0.59%), NTPC Ltd. (Rs. 114.65,+0.57%), GAIL (India) Ltd. (Rs. 372.25,+0.51%), Cipla Ltd. (Rs. 392.90,+0.50%), were among notable gainers on BSE.
Among the thirteen sectoral indices on BSE, CDS index was leading the gain and was trading higher at 6920.11 up by 126.5 points or by 1.86%. Rajesh Exports Ltd. (Rs. 132.30,+4.30%), Titan Company Ltd. (Rs. 277.75,+2.47%), Videocon Industries Ltd. (Rs. 161.50,+1.70%), PC Jeweller Ltd. (Rs. 93.25,+1.36%), VIP Industries Ltd. (Rs. 86.20,+0.70%), were among notable gainers on BSE.
Following the CDS index, BSE_FMCG index was at 6848.58 up by 26.9 points or by 0.39%. Colgate-Palmolive (India) Ltd. (Rs. 1434.00,+0.73%), ITC Ltd. (Rs. 350.00,+0.59%), United Breweries Ltd. (Rs. 776.10,+0.46%), Tata Global Beverages Ltd. (Rs. 145.75,+0.41%), United Spirits Ltd. (Rs. 2786.10,+0.30%), were among the others supporting the market.
Meanwhile, most of Asian stocks were under selling pressure today as a slowdown in China’s services sector added to growth concerns in the world’s second biggest economy while investors remained cautious ahead of Federal Reserve Chairman Janet Yellen’s speech today where she may offer further cues over the Fed’s plans to raise interest rates. China’s Shanghai Composite fell after the gauge measuring China’s services activity declined to 51.4 in April from 51.9 in the previous month, with a reading above 50 signaling expansion. Hang Seng fell while Japan’s Nikkei 225 tumbled as a stronger yen dimmed the appeal of exporter stocks.
Tracking a bearish trend in Asian stocks and a negative closing at Wall Street overnight, the domestic bourses belled the day on negative note on Tuesday, led by losses in index heavyweights such as Hindalco, ICICI Bank, HDFC and Wipro. However, the broader market opened higher with both the mid and smallcap indices gaining over 0.20 per cent and 0.15 per cent, respectively, in the opening deals. The Sensex may be in consolidation mode after two straight days of gains as caution persists ahead of election results. Investors will be eying the Q4 earnings number of pharma major Lupin. The stock of mortgage lender HDFC may be in focus after the company reported a strong 11 per cent growth in its net profit at Rs 1,723 crore in Q4 FY 2013-14 as margins improved.
At 9:25 hours, the 30-share barometer index of Bombay Stock Exchange was trading at 22497.14 down by 11.28 points or by 0.05 per cent and the NSE Nifty was at 6713.1 down by 2.2 points or by 0.03 per cent.
Outperforming benchmark indices, the broader markets edge higher in opening. The BSE MIDCAP was at 7386.05 up by 15.36 points or by 0.21 per cent while the BSE SMLCAP was at 7544.79 up by 11.96 points or by 0.16 per cent.
On the global front, US stocks ended lower on Tuesday amid a sell-off in internet companies led by Twitter Inc. Social networking company Twitter Inc. slumped by 18 per cent after nearly 480 million shares from investors became eligible for sale, more than four times the current amount available for trading. Investors weighed mixed US data as a fall in economic optimism was offset by a narrowing trade shortfall.
Back home, the market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 1061, shares advanced were 573 while 446 shares declined and 42 were unchanged.
The top losers of the BSE Sensex pack were Hindalco Industries Ltd. (Rs. 137.00,-1.05%), Axis Bank Ltd. (Rs. 1523.00,-0.97%), Housing Development Finance Corporation Ltd. (Rs. 869.50,-0.88%), ICICI Bank Ltd. (Rs. 1268.00,-0.51%), Wipro Ltd. (Rs. 512.00,-0.51%), among others.
On the flip side, Oil And Natural Gas Corporation Ltd. (Rs. 339.00,+0.61%), ITC Ltd. (Rs. 350.00,+0.59%), NTPC Ltd. (Rs. 114.65,+0.57%), GAIL (India) Ltd. (Rs. 372.25,+0.51%), Cipla Ltd. (Rs. 392.90,+0.50%), were among notable gainers on BSE.
Among the thirteen sectoral indices on BSE, CDS index was leading the gain and was trading higher at 6920.11 up by 126.5 points or by 1.86%. Rajesh Exports Ltd. (Rs. 132.30,+4.30%), Titan Company Ltd. (Rs. 277.75,+2.47%), Videocon Industries Ltd. (Rs. 161.50,+1.70%), PC Jeweller Ltd. (Rs. 93.25,+1.36%), VIP Industries Ltd. (Rs. 86.20,+0.70%), were among notable gainers on BSE.
Following the CDS index, BSE_FMCG index was at 6848.58 up by 26.9 points or by 0.39%. Colgate-Palmolive (India) Ltd. (Rs. 1434.00,+0.73%), ITC Ltd. (Rs. 350.00,+0.59%), United Breweries Ltd. (Rs. 776.10,+0.46%), Tata Global Beverages Ltd. (Rs. 145.75,+0.41%), United Spirits Ltd. (Rs. 2786.10,+0.30%), were among the others supporting the market.
Meanwhile, most of Asian stocks were under selling pressure today as a slowdown in China’s services sector added to growth concerns in the world’s second biggest economy while investors remained cautious ahead of Federal Reserve Chairman Janet Yellen’s speech today where she may offer further cues over the Fed’s plans to raise interest rates. China’s Shanghai Composite fell after the gauge measuring China’s services activity declined to 51.4 in April from 51.9 in the previous month, with a reading above 50 signaling expansion. Hang Seng fell while Japan’s Nikkei 225 tumbled as a stronger yen dimmed the appeal of exporter stocks.
