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Monday, 25 August 2014

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Markets end flat after SC verdict on coal block allocation

Benchmark indices which hit fresh record highs early today ended flat amid selling pressure in metal and power stocks after the Supreme Court on Monday held that guidelines were breached in coal block allocations during the UPA government and that the terms of allotment, going as far back as 1993, were themselves illegal.

However, the 30-share ended at a up 17 points at 26,437 after hitting  a fresh record high of 26,631 and the 50-share ended down seven points at 7,906 after hitting a fresh record high of 7,968.

The sell-off was more prominent in the broader with both the Mid and Smallcap indices ending 0.6% and 0.4% lower, respectively.

Sectors & Stocks

Metal index down over 4% was the top sectoral loser along with Realty, Power and Banking index down 1-2%.

Oil & Gas, Capital Goods and Consumer Durables were the other indices to close in red, down 0.3-1%.

Defensive pocket like IT, FMCG and Health Care were back in focus with the respective indices registering gains of 0.5-1%.

Metal stocks which are dependent on thermal power to operate their plants lost ground fter the Supreme Court's crack down on coal block allocation. As a result, Hindalco, Tata Steel, Sesa Sterlite and Tata Power slumped 3-10% and were the top losers in the Sensex pack.

ICICI Bank, Axis Bank, GAIL and L&T ended down 1% each were the other notable losers.

TCS, HUL, Dr Reddys and Hero MotoCorp gained 2-2.5% to emerge as the top gainers for the day.

The market breadth ended negative on BSE. 1,624 stocks declined while 1,393 stocks advanced.

Global Markets

Most Asian markets with the exception of China ended with firm gains on Monday and Japanese shares rebounded to hit three and a half week highs.

Shares in Japan rebounded to end at their highest closing level since end July with exporter shares leading the gains after the yen depreciated against the US dollar. The Nikkei was up 0.5%. Shanghai Composite down 0.5% was the only index to close in red.

In Europe, CAC and DAX were up 1% each while FTSE was flat with a negative bias.

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