Sensex Down 142.35 Pts; HDFC Bank, DLF Decline
Indian stock markets were trading with negative bias ahead of public holiday on Tuesday and January series expiry and RBI’s monetary policy declaration later this week.
Passive worldwide markets also dampened the overall reaction.
According to Edelweiss report, “Quite a few index heavy weights will be declaring their Q3FY10 results today. A truncated trading week and the expiry of the derivative contracts for the January series will pave way for some volatility. Monetary policy announcement by the RBI on January 29 will be another key trigger to watch out during the week. Nifty continued to trade below the 50 DMA placed at 5118. The index closed at the support line of a rising wedge being formed on the weekly charts. Last week we broke down through a similar pattern on the daily charts which is a fractal of the rising wedge. A close below 5000 level in the coming week might trigger further weakness in the market and the index is expected to test 4900 level. The overall trend in the market has turned bearish which would negate only on close above 5225.”
The 30-share benchmark index, BSE Sensex belled the day on a flat note at 16,847.70 after losing 11.98 points, while Nifty opened positively after making a gain of 58.15 points at 5,094.15.
At 12:20 pm, Bombay Stock Exchange’s Sensex lost 142.35 points to trade at 16717.33 after hitting a high of 16865.63 and a low of 16705.56.
In contrast, the broad-based Nifty stood at 4996.25, down 39.75 points. The index hit a high of 5034.70 and a low of 4983.05.
The BSE Midcap Index lost 1.02%, while BSE Smallcap Index was down by 0.38%.
Amongst the sectoral indices, BSE Realty Index was the top loaser, which declined 2.17%, BSE IT dropped 1.79% and BSE Bankex fell 1.43%. BSE Capital Goods Index was trading 0.13% up.
The top gainers in the Sensex pack were HUL (1.63%), Bharti Airtel (1.29%), L&T (1%), Maruti Suzuki (0.84%) and SBI (0.61%).
Jaiprakash Associates (-2.93%), DLF (-2.61%), HDFC Bank (-2.23%), Infosys Technologies (-1.87%) and Tata Steel (-1.86%) were the major in the 30-share index
The IPO of Aqua Logistics, which eyes to garner around Rs 150 crore via the issue, has opened for subscription.
The Mumbai-based company has fixed the price-band between Rs 220-230 per share. The issue closes on January 28.