Mumbai, Jul 28: It was another extremely volatile day for the benchmark indices ahead of F&O expiry on Thursday, Jul 30. Banking stocks along with HUL, Reliance Industries, Infosys, L&T, Grasim, Idea, ABB, Ranbaxy Labs and Hero Honda kept the markets under selling pressure.
However, buying was seen in power, realty, telecom, cement and metal stocks. The broader indices outperformed the benchmark indices; gained 1-1.7 pc. Turnover crossed the Rs 1 lakh crore mark again.
Credit Policy was the non-event for the markets today, as RBI maintained the status-quo. RBI (Reserve Bank of India) kept the key rates (Credit reserve ratio at 5 pc, repo at 4.75 pc and reverse repo rate at 3.25 pc) unchanged. However, it has increased its growth projections. FY10 GDP has now been maintained at 6 pc with an upward bias. Inflation continued to be higher on RBI's radar. It is now projected at 5 pc from the earlier 4 pc.
The 30-share BSE Sensex lost 43.10 points, to settle at 15,331.94, after seeing an intraday high of 15,463.46 and low of 15,240.53. The 50-share NSE Nifty went close to 4600 and touched an intraday high of 4599.90, before closing at 4564.10, down 8.20 points. It touched a day's low of 4529.15. The Nifty July future ended with 2 points discount (provisional data).
Mkts positive; power, realty, telecom gain
At 01:13 PM, the Nifty was extremely volatile in trade. It was trying to hold above the 4550 level amid that choppy trade. Continuous selling in banking stocks, Infosys, Jindal Steel, Maruti, Tata Steel and heavyweight Reliance Industries capped the gains.
However, buying continued in power, realty, telecom and cement stocks. The Nifty rose just 0.5 points, to 4,572 and the Sensex gained 5.5 points at 15,380. About 818 shares advanced while 390 shares declined on the NSE.
In the realty space, Unitech surged 6.5 pc. HDIL, DLF, Anant Raj Industries, Ansal Properties, Ackruti City and Sobha Developers were up 3-4.8 pc. Orbit Corporation, Parsvnath, Peninsula Land, Omaxe and Indiabulls Real went up 1.4-2 pc.
Power stocks like Siemens, Reliance Infrastructure, Tata Power, Reliance Power, NTPC, Power Grid Corp, GVK Power, Suzlon Energy and BHEL gained 1-3 pc.
Telecom players like Reliance Communication, Bharti Airtel, Tata Teleservices and Tata Communication were up 1-3 pc. However, Idea fell 0.5 pc.
In the auto space, Tata Motors shot up 8.72. MRF was up 6.76 pc and Escorts up 4.67 pc. Bosch, M&M, Exide Industries, Apollo Tyres, Cummins and Ashok Leyland were up 1-3 pc. However, Amtek Auto was down 2.015. Hero Honda and Maruti Suzuki declined marginally.
Sensex trading lower; ICICI, SBI, RIL dip
At 12:07 pm, the Sensex was trading lower with some choppiness. Shares of realty, power and select telecom companies' along with ONGC, Tata Motors and M&M were witnessing buying interest.
However, banking stocks were under pressure, as RBI kept CRR, Repo, Reverse Repo rates unchanged. It kept FY10 GDP projection at 6 pc with upward bias and has upped inflation projection to 5 pc from 4 pc.
Metal and technology stocks along with Reliance Industries, Maruti and Hero Honda were other losers. The Nifty fell 33 points, to 4,538 and the Sensex lost 112 points, to 15,262. The Nifty July future was trading with 5-8 points premium. About 730 shares advanced while 462 shares declined on the NSE.
Top percentage gainers are Hinduja Global, Universal Cable, Garware Poly, Precision Wires, Siemens Health, Bharat Gears and Sharyans were up 12-20 pc. Top percentage losers are R Systems International, Basant Agro, SIL Invest, Pitti Laminatio, Kabra Extrusion, Hitech Plast and Munjal Showa lost 6-9 pc.
Mkts choppy; pharma, private banks dip
The markets opened on a positive note but immediately turned into consolidation mode for the second consecutive day. Private banking, select technology, pharma and capital goods stocks were down. However, realty stocks were up.
At 9:56 am, the Nifty rose 11 points, to 4,583 and the Sensex gained 40 points at 15,415. The CNX Midcap went up 28 points, to 5,867 and the BSE Smallcap Index rose 50 points, to 6,193. About 500 shares advanced while 140 shares declined on the NSE.
Tata Motors was up 4.5 pc as it reported good bottomline numbers in Q1FY10. HUL was flat ahead of its numbers. Realty stocks like Unitech and DLF were seeing buying interest, as Finance Minister has extented Sunset clause for industrial parks by two years till March 31, 2011. Ansal, HDIL and Parsvanath were other gainers.
Tata Power and Reliance Power were also the gainers on the back of Adani Power IPO, which opened today for subscription. NTPC was up 0.5 pc post its numbers. Tata Steel, Nalco and Reliance Industries were the other gainers. However, ICICI Bank, SAIL, ITC, Maruti, Infosys and HDFC Bank were the losers.