Sensex, Nifty fall over 1% at close; rate sensitives drag
Published: 30th October 2012 04:18 PM
Last Updated: 30th October 2012 04:18 PM
Indian markets ended sharply lower as credit policy dampened
market sentiment today. Rate sensitiveslike banks, realty and
consumer durables led the decline.
India's central bank has decided to not to give in to growing
political pressure to cut lending rate that caused slowdown in
growth. The Reserve Bank of India (RBI) slashed cash reserve ratio
(CRR) by 25 bps while leaving lending and borrowing rates unchanged
in the second quarter monetary policy review.
At the close, the benchmark 30-share index, BSE Sensex declined
204.97 or 1.10% at 18,430.85 with 22 components registering drop.
Meanwhile, the broad based NSE Nifty fell by 67.70 or 1.19% at
5,597.90 with 41 components posting drop.Nidhi Sarswat, senior
research analyst, Bonanza Portfolio said, "Nifty has today finally
broken the range of 5,635-5,725, which it has been holding for more
than 5 weeks. However, breaking below the support level of 5,635,
has made the short term trend bearish and further selling is likely
to be seen in the coming sessions."
"In the coming sessions, 5,580 level on the downside and 5,650
level on the upside shall be deciding levels. If it goes above
5,650, further buying momentum is likely for a target of
5,700-5,750. Second quarterly results for FY13 shall continue to be
in focus in coming sessions. For the coming sessions, LICHFIN,
Powergrid and Titan Ind are some of the prominent companies which
shall be announcing their Q2 results and some stock specific action
may be seen," Sarswat said.
Larsen & Toubro contributed fall of 32.22 points in the
Sensex. It was followed by I C I C I Bank (32 points), State Bank
Of India (30.15 points), I T C (27.96 points) and Tata Motors
However, Infosys contributed rise of 13.09 points in the Sensex.
It was followed by Hindustan Unilever (5.53 points), Maruti Suzuki
India (5.23 points), Wipro (1.89 points) and Tata Consultancy
Services (1.13 points).
Biggest gainers in the 30-share index were Maruti Suzuki India
(2.27%), Dr Reddy"S Laboratories (1.58%), Infosys (0.99%),
Hindustan Unilever (0.80%), Wipro (0.78%), and Bharat Heavy
On the other hand, State Bank Of India (4.43%), Tata Motors
(3.52%), Larsen & Toubro (2.93%), Hindalco Industries (2.38%),
Jindal Steel & Power (2.25%), and I C I C I Bank (2.21%) were
the major losers in the Sensex.
Mid & Small-cap Space
The BSE Midcap index was at 6508.64 down by 66.13 points or by
1.01%. The major losers were Aban Offshore (1.76%), CORE Education
and Technologies (1.19%), A I A Engineering (0.84%), A B G Shipyard
(0.56%) and Alstom India (0.42%).
The BSE Smallcap index was at 6954.74 down by 88.88 points or by
1.26%. The major losers were A2Z Maintenance & Engineering
Services (2.89%), Action Construction Equipment (2.36%), Aarti
Industries (1.89%), Styrolution ABS (India) (1.74%) and Trident
Sectors in Limelight
The Bankex index was at 12,870.61, down by 310 points or by
2.35%. The major losers were Canara Bank(6.05%), Bank Of Baroda
(4.64%), Bank Of India (2.43%), Federal Bank (1.6%) and H D F C
The Realty index was at 1,746.63, down by 40.73 points or by
2.28%. The major losers were Housing Development and Infrastructure
(4.91%), Indiabulls Real Estate (3.9%), D B Realty (3.72%), D L F
(2.21%) and Godrej Properties (0.93%).
The Consumer Durables index was at 6,898.36, down by 159.19
points or by 2.26%. The major losers were Titan Industries (3.41%),
Rajesh Exports (3.11%), T T K Prestige (2.19%), Whirlpool Of India
(2.11%) and Bajaj Electricals (0.43%).
On the other hand, the IT index was at 5,697.99, up by 29.02
points or by 0.51%. The major gainers were Infosys (0.99%), Tech
Mahindra (0.62%), Oracle Financial Services Software (0.23%),
Mphasis (0.14%) and Tata Consultancy Services (0.13%).
Market breadth was negative with 1,028 advances against 1,833
Value and Volume Toppers
State Bank Of India topped the value chart on the BSE with a
turnover of Rs. 2,416.52 million. It was followed by United Spirits
(Rs. 1,222.23 million), K P I T Cummins Infosystems (Rs. 693.74
million) and I C I C I Bank (Rs. 502.27 million).
The volume chart was led by K P I T Cummins Infosystems with
trades of over 5.66 million shares. It was followed by Kingfisher
Airlines (5.57 million), Suzlon Energy (5.15 million) and Lanco
Infratech (4.34 million).