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Tuesday, 9 September 2014

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Markets slip on profit taking; Nifty holds 8,150

Benchmark share indices ended lower on Tuesday, amid weak European cues, as investors turned cautious and booked profits at higher levels after they hit fresh record highs in the previous session.

The 30-share ended down 55 points at 27,265 and the 50-share closed 21 points lower at 8,153.

Meanwhile, the Supreme Court is likely to announce its decision on coal block allocations later today.

The Indian rupee continued to trade weak after the dollar firmed up against major Asian currencies and dollar sales by corporates waned. Meanwhile, state-owned banks are seen buying the US dollar, likely on behalf of their importer clients. The currency was trading at Rs 60.56 compared to its previous close of Rs 60.29.

Asian shares ended firm with Japanese shares ending higher led by exporter shares after the yen weakened to hit a six-year low against the US dollar, but energy shares witnessed profit taking amid weak global crude oil prices. The Nikkei ended up 0.3% at 15,749. Hong Kong market was closed on account of the day following the Chinese Mid-Autumn Festival. However, Shanghai Composite ended unchanged and Straits Times ended 0.2% higher.

European shares pared early gains and were trading marginally lower. The CAC-40, DAX and FTSE-100 were trading 0.1-0.2% lower.

The BSE Realty index was the top loser down 1% followed by IT, Oil and Gas, Bankex and Capital Goods among others. Consumer Durables Index was the top gainer up 1.7%, FMCG, Healthcare and Auto among others.

IT shares were trading lower on profit taking after recent gains. Infosys, TCS and Wipro ended down 0.2-1.1% each.

In the oil and gas segment, ONGC which had gained yesterday after Bank of America Merrill Lynch upgraded the stock to "buy" from "neutral" has dipped  1.4% today on profit taking. Reliance Industries ended down 0.7%.

L&T ended down nearly 1.3%. The stock had gained after the company said its wholly owned subsidiary L&T Hydrocarbon Engineering (LTHE)  has secured new orders in the offshore and onshore segments worth Rs 1920 crore from domestic oil and gas majors. BHEL closed 1.4% lower.

Hindalco ended down 0.6% ahead of the SC verdict later today on the Mahan Coal block allocated to the company eight years ago to feed its aluminium plant in Madhya Pradesh.

Bharti Airtel has extended its yesterday’s rally and gained 1% after the company reached a consensus on the sale of its telecom towers in Nigeria for more than $1 billion within the next three weeks.

Cipla ended up 2.7% after the company on Monday announced commercial collaboration with UK-based S&D Pharma in the Czech Republic and Slovakia. Dr Reddy’s Lab has gained 0.4%.

Tata Motors gained nearly 1.5%. The company launched the special edition Land Rover Freelander 2. The premium SUV carries a price tag of Rs. 44.41 lakh.

Among other shares, shares of tyre companies were up 1-3% as lower raw material costs on account of weak natural rubber and declining crude oil prices would boost margins going forward. MRF, TVS Srichakra, JK Tyre & Industries and CEAT ended up 1-3% each.

Apollo Tyres ended up 0.6% on reports that Hungary has secured approval of the European Union to award grant for building a plant there.

Thomas Cook ended up 3% after Sterling Holiday Resorts India Ltd became a subsidiary of Thomas Cook India Group in the back of the former's equity shares being bought in an off-market transaction by Thomas Cook Insurance Services (TCISIL).

Gammon Infrastructure Projects ended 4% higher after the firm said the QIP committee of directors allotted 20.41 crore equity shares to eligible QIBs at Rs 12.68 per equity share, aggregating to about Rs 258.89 crore.

Punj Lloyd ended 8% higher, after rallying nearly 10% a day earlier, following an order worth Rs 3,515 crore from PRPC Refinery and Cracker, a subsidiary under the Petroleum National Berhad (PETRONAS) group, Malaysia’s national emergency group.

Jayshree Chemicals has surged 5% to end at Rs 15.30 after the company approved the sale of Chlor Alkali business to Aditya Birla Chemicals (India) for a cash consideration of Rs 212 crore.

Ashok Leyland ended 5.4% higher after the company received orders for around 4,000 buses from State Transport Undertakings (STUs) under the JNNURM-II scheme. The orders are worth around Rs 1,500 crore.

In the broader market, the BSE Mid-cap index ended up 0.5% and the Small-cap index ended up 0.3%.

Market breadth was strong with 1,670 gainers and 1,336 losers on the BSE.

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