The benchmark Nifty was consolidating in a narrow range of 5200-5250 at 10:39 hours, after a sharp cut seen since previous two weeks. The index shed more than 500 points in last two weeks. However, the broader indices managed to claw back with modest gain.
Deven Choksey, managing director of KR Choksey Shares & Securities said the markets may be headed to a state of capitulation. However, he added that in this kind of a market one should look forward to more opportunities on the buying side. “I think one will have to play cautiously at the same time,” he felt.
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Stocks, which led the fall yesterday, continued in today's trade as well. Oil & gas, telecom, technology, metal, FMCG, cement and select power companies' shares were keeping the markets under pressure with moderate loss.
However, buying in financial and auto companies' shares limited those losses to major extent. NTPC, L&T and Cairn too added some support.
The 30-share BSE Sensex was trading at 17,400, down 63 points and the 50-share NSE Nifty fell 17 points to 5,208. However, the BSE Midcap and Smallcap indices were up half a percent.
Heavyweights like Reliance Industries, ONGC, TCS, Wipro, Infosys and BHEL declined 1-3%. Reliance Communications was the top loser with 6% fall and Bharti lost 0.8%.
SAIL, Tata Steel, JSPL, Sesa Goa and Hindalco from metal space were down 1.5-3%. ITC and HUL from FMCG segment went down with moderate loss.
However, Tata Motors gained nearly 2% ahead of its quarterly numbers today. CNBC-TV18 poll sees 3 times jump in company's profit after tax of Rs 2089 crore for the quarter ended December 2010. Hero Honda and Maruti gained one percent each.
In financial space, HDFC and ICICI Bank were up 1-2%. SBI, HDFC Bank and Axis Bank were marginally in green. IDFC jumped 4.4%.
Cairn India was the top gainer with 5% rally after strong numbers. Its Q3 consolidated net profit was up at Rs 2,010 crore versus Rs 291 crore, year-on-year basis.
In midcap space, Sobha Developer, PTC India, Jain Irrigation, Gillette India and S Kumars Nation gained 6-8% while Sunteck Realty, Indian Metals, KGN Industries, Phoenix Mills and Parsvnath slipped 5%.
In smallcap space, Provogue, Hinduja Foundries, Tilaknagar Inds, Asian Hotel (W) and Shirpur Gold rallied 10-15% whereas R M Mohite, Moser Baer, Dion Global, Talwalkars Fitness and EIH Associated Hotel fell 6-10%
The benchmark Nifty was quiet in opening trade and was hovering just around its previous closing value, after a sharp cut seen in last few sessions. Oil & gas, telecom, metal, realty and technology stocks were putting pressure on markets. Global cues too quiet.
Among frontliners, Cairn India, Reliance Infrastructure, Tata Motors (ahead of numbers), Reliance Capital, Power Grid, TCS, L&T, SBI, Jaiprakash Associates, Reliance Industries, SAIL, HDFC and ICICI Bank were on buyers' radar in early trade.
Cairn rose 3% as its Q3 consolidated net profit was up at Rs 2,010 crore versus Rs 291 crore, year-on-year basis.
Power Grid jumped 2% as MSCI added the stock into its India Index with weightage of 0.88%.
However, Suzlon Energy, GAIL, Reliance Communications, Idea, Ambuja Cements, Bharti Airtel, DLF, Wipro, HCL Tech and ONGC were limiting the gains.
Suzlon Energy tumbled 4% as NSE will remove from the Nifty on March 25.
Midcap & Smallcap space:
Allied Digital shot up 5% for the first time in last five sessions on the back of buyback news.
Lanco, Jain Irrigation and Nagarjuna Construction were up 2-3%.
Gujarat State Petronet was up 3%.
Recently listed - Omkar Speciality was down by 15% at Rs 39 while the issue price was Rs 98 a share.
Moser Baer tanked 7% as it has reported a net loss of Rs 115.7 crore for the quarter ended December 2010 as against profit of Rs 3.2 crore in same quarter the previous year.
Parsvnath lost 7% and DB Realty was down 4%
The US markets recovered amid disappointing results, good economic data and consistent worries in Egypt.
Egyptian President Hosni Mubarak said he would delegate powers to the vice president, though he stopped short of resigning.
The Dow Jones Industrial Average ended down 11 points at 12,229, after seeing recovery of 73 points from day's low of 12,156.
Commodities
CRB Commodity Index rose 0.2%.
Crude oil ended flat at USD 86.73/barrel, after hitting a session high of USD 87.90/barrel
Natural gas was down 1.7% at USD 3.98 per MMBtu
Gold lost 0.2% at USD 1362.5/ounce
Silver declined 0.6% at USD 30.09/ounce
Baltic Dry Index was up 4%
F&O cues:
Total Nifty futures up Rs 63 crore, Options up Rs 2313 crore
Stock futures net add 13 lakh shares in Open Int
Nifty Fut Open Int add 75 k shares in Open Int; Nifty futures premium at 4 pts versus prem of 26 pts
Nifty Open Int PCR down at 1 versus 1.07
Nifty Put shed 4.9 lakh shares, Call add 45.2 lakh shares in Open Int
Highest Open Int outstanding at 5100 Put (from 5400 Call), 5400 call (from 5400 Put)
Nifty 5200 Call adds 17.3 lakh shares (144%) in Open Int; prem down from 130 to 103
Nifty 5300 Call add 16.9 lakh shares (38%) in Open Int, prem down from 68 to 56.6
Nifty 5100 Put add 4.9 lakh shares (8%) in Open Int, prem up from 42.8 to 44
Nifty 5600 Call add 4.2 lakh shares (8%) in Open Int, prem down from 8 to 6.5
Nifty 4800 Put add 2.2 lakh shares (30%) in Open Int
Nifty 4900 Put add 2.06 lakh shares (18%) in Open Int
Nifty 5300 Put shed 7 lakh shares (12%) in Open Int
Nifty 5400 Put shed 3.6 lakh shares (6%) in Open Inthttp://forextradingatul.blogspot.com
