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Epic Research
Indian shares opened lower on Wednesday following a downward journey in global markets due to profit booking. Among Asian markets, Shanghai and Nikkei dropped 0.5% each while Hang Seng moved down nearly 1%.
The market seemed to have priced in the hopes of likely action by European Central Bank’s to cut borrowing cost of Spain and Italy in yesterday’s trade as it had rallied 1%. Hence, the somewhat profit booking stepped in today’s early trade. The 30-share BSE Sensex declined 44.62 points to 17,840.64 and the 50-share NSE Nifty went down 15 points to 5,406.10.
Tata Power, Bharti Airtel, State Bank of India, JP Associates, Reliance Infrastructure, IDFC, Axis Bank, Kotak Mahindra Bank, BPCL, GAIL, JSPL and Tata Steel were under pressure.
ITC, Cipla, Sun Pharma, Hero Motocorp, Bajaj Auto, Asian Paints and Ambuja Cements were trading higher.
The CNX Midcap Index slipped 18 points to 7,277 as the market breadth was in favour of declines on exchanges.
In the second line shares, NCC, SCI, Central Bank of India and South Indian Bank were down 2-3% as the National Stock Exchange will exclude these stocks from F&O segment with effect from October contract.
Pantaloon Retail fell 1.6% as Competition Commission of India has rejected notice seeking nod for Aditya Birla-Pantaloon deal.
State-run NMDC gained 3.5% as agencies reported that the company hiked iron ore price by 8-13%.
Gabriel India shot up 9% and Autoline Industries was up 5%,
Orchid Chemical was up 0.7% following a 5% rally in yesterday trade.
FDC shot up 4% as the company has announced buy back at maximum Rs 110/share. Jain Irrigation rose over 1% ahead of board meet today to consider the issue of warrants to promoter group.
Wockhardt, Hindustan Zinc and S Kumars Nationwide were up around 1%.
The market seemed to have priced in the hopes of likely action by European Central Bank’s to cut borrowing cost of Spain and Italy in yesterday’s trade as it had rallied 1%. Hence, the somewhat profit booking stepped in today’s early trade. The 30-share BSE Sensex declined 44.62 points to 17,840.64 and the 50-share NSE Nifty went down 15 points to 5,406.10.
Tata Power, Bharti Airtel, State Bank of India, JP Associates, Reliance Infrastructure, IDFC, Axis Bank, Kotak Mahindra Bank, BPCL, GAIL, JSPL and Tata Steel were under pressure.
ITC, Cipla, Sun Pharma, Hero Motocorp, Bajaj Auto, Asian Paints and Ambuja Cements were trading higher.
The CNX Midcap Index slipped 18 points to 7,277 as the market breadth was in favour of declines on exchanges.
In the second line shares, NCC, SCI, Central Bank of India and South Indian Bank were down 2-3% as the National Stock Exchange will exclude these stocks from F&O segment with effect from October contract.
Pantaloon Retail fell 1.6% as Competition Commission of India has rejected notice seeking nod for Aditya Birla-Pantaloon deal.
State-run NMDC gained 3.5% as agencies reported that the company hiked iron ore price by 8-13%.
Gabriel India shot up 9% and Autoline Industries was up 5%,
Orchid Chemical was up 0.7% following a 5% rally in yesterday trade.
FDC shot up 4% as the company has announced buy back at maximum Rs 110/share. Jain Irrigation rose over 1% ahead of board meet today to consider the issue of warrants to promoter group.
Wockhardt, Hindustan Zinc and S Kumars Nationwide were up around 1%.