Photographs: Reuters SI Reporter in Mumbai
Markets ended lower because of profit taking as crude oil prices which had eased yesterday following the landmark Iran deal staged a recovery nullifying the benefits of a lower import bill. As India imports most of its crude oil requirement, a lower import bill will help the country to trim its current account deficit and also contain inflation.
Market will remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month November to December and July-September GDP data on Friday.
The 30-share Sensex ended down 180 points at 20,425 and the 50-share Nifty slipped 56 points at 6,059. The Sensex and Nifty touched an intra-day low of 20,391 mark and 6,048 levels, respectively.
The broader markets ended weak- BSE Midcap and Smallcap indices dipped between 0.3-1%. The market breadth in BSE remains weak with 1,459 shares declining and 1,056 shares advancing.
Adds Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services, “Nifty witnessed a rally in yesterday's trade from a weekly double bottom near 5980-5975 levels which also marked a Fibonacci retracement support of the recent down-move. Iran deal news aided the rally.
"The upmove was capped near 6115 levels again a Fibonacci retracement resistance from where a correction can be seen in today's trade.”
GLOBAL MARKETS
Key Asian shares ended lower on Tuesday, while oil prices regained some semblance of stability after the previous session's slide as traders questioned how quickly the Iranian nuclear accord could turn into higher supplies.
The yen came off a 4-year trough against the euro, and inched up against the dollar as traders repositioned after several days of sharp moves.
INDIAN RUPEE
The rupee was trading marginally strong due to dollar sale by banks. At 15:50 PM, the rupee was trading at Rs 62.44 compared with previous close of Rs 62.50 per dollar.
SECTORS & SHARES
BSE Bankex plunged by nearly 2% followed by counters like PSU, Oil & Gas, FMCG, Realty, Consumer Durables, Healthcare and Metal, all gaining by 1% each. However, BSE Power, Auto and Capital Goods indices ended marginally positive.
The main losers on the Sensex were Bharti Airtel, ICICI Bank, Coal India, ITC, HDFC, GAIL, Tata Steel, Dr Reddy’s Lab, Sun Pharma and Maruti Suzuki.
IT stocks have fallen on weak economic data in US and on a firm rupee. TCS, Wipro and Infosys slipped between 0.2-1%.
On the gaining side, BHEL, Tata Motors, HUL, Hero Moto and Sesa Sterlite gained between 1-3%.
SMART MOVERS
Sun Pharma Advanced Research Company (SPARC) surged nearly over 5%, in otherwise subdued market, on back of heavy volumes on the bourses.
After having hit the upper circuit of 20% on Monday, the stock price of Aban Offshore ended nearly 4% in trade today.
DIC India was locked in upper circuit for a second consecutive day up 20% at Rs 283 on BSE after its promoter DIC Asia Pacific Pte Ltd propose a voluntary delisting of the company’s equity shares from the Indian stock exchanges.
Eicher Motors ended higher by 4% at Rs 4,350, also its historic high on the Bombay Stock Exchange (BSE).
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