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Sensex ends in red, but holds 17K

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                Thursday got trickier than expected. It opened in red, then stayed rangebound for most part of the day and finally closed in red. The 30-share BSE Sensex fell 71 points to close at 17,059. The 50-share NSE Nifty lost 23 points to end at 5,138. For most part, the market was extremly volatile and did not react either to yesterday’s sharp fall in global markets or mirror today’s gains observed globally. In the second half of trade today, European markets and US index futures were seen rebounding sharply, rallying 2-3%. But they were short-lived, which had a cascading effect on the Indian indices.
Bruno Verstrate, CEO of Nautilus Invest is cautious on European markets. He is not a buyer of banks because, according to him, it is just a matter of time before the downgrade comes. “At this stage, having had the downgrade of the US, many other AAA countries will be downgraded and that will create a big mess in the banks,” said Verstrate.

Back home, Deven Choksey, MD of KR Choksey Shares and Securities Pvt Ltd said the Nifty should be operating in 4900-5300 range. He believes that 5000 could possibly offer a floor for people to create a buy position in the market.
Financial, technology, capital goods, realty and select auto companies’ shares witnessed selling pressure.
Heavyweight ONGC continued its downtrend, with falling 0.7%. Bharti Airtel was the leading dragger on Nifty, which fell 2.4%.
Banks’ stocks like ICICI Bank, SBI, Axis Bank and PNB were down 1-3%. BHEL and L&T from capital goods space declined 1-1.7%.
Tata Power was the biggest loser post first quarter results. The stock was down over 4%.
However, HDFC, Kotak Mahindra Bank, Reliance Infrastructure and Reliance Capital were top gainers, with rising 2-2.6%. NTPC, ITC, Hindalco and Ambuja Cements were other gainers.
Tata Motors reported its quarterly numbers after market hours; the stock gained just 0.6%.
About 1366 shares advanced while 1494 shares declined on the BSE. Total traded turnover was more than Rs 1.2 lakh crore.
At 15:01 hours IST : Market slips into red; Tata Power, Axis Bank top losers
Volatility reigned supreme as markets turned marginally negative, trading on wafer thin volumes, ignoring promising cues from European markets and US futures.
The 50-share NSE Nifty was trading at 5,155, down 5 points and the 30-share BSE Sensex fell just 19 points to 17,111.
However, the Dow Jones futures rallied 161 points, indicating strong US opening today. NASDAQ futures surged 44 points.
France’s CAC 40, Germany’s DAX and Britain’s FTSE 100 indices jumped 2-3%. All these markets butchered yesterday on fears of credit rating downgrade in France.
Back home, heavyweights Bharti Airtel, ICICI Bank, Axis Bank, Bajaj Auto and HCL Tech fell 2-3%. Giving them company were TCS, SBI, L&T, Wipro and BHEL were down more than 0.5%. Tata Power was down 4%.
However, HDFC, NTPC, ITC, Kotak Mahindra Bank, Tata Motors, Cairn, Reliance Infrastructure, Reliance Communications and Reliance Capital gained 1-3%.
At 14:15 hours IST : Nifty listless despite strong global cues; HDFC, RIL up
Indian equity benchmarks remained fence-sitters, unable to cash in on strong global cues. Every attempt to buy was counter by profit-booking, rendering the market rangebound. The 30-share BSE Sensex was trading at 17,173, up 42.5 points and the 50-share NSE Nifty went up 13 points to 5,174.
However, European markets like CAC, DAX and FTSE were trading 2-2.5% higher. Nasdaq futures gained 44 points and Dow Jones went up 104 points.
In the largecap space, HDFC, NTPC, Coal India, Reliance Industries, Hindalco, Reliance Infra, HDFC, Kotak Mahindra Bank, Reliance Capital and Reliance Communications rallied 1-3%.
However, Tata Power plunged over 4% despite strong Q1 results on consolidated basis. Bharti Airtel, Maruti Suzuki, ICICI Bank, Bajaj Auto and HCL Tech slipped 1-3%.
Midcaps like Tata Communications, Page Industries, Jain Irrigation, Cox & Kings and Blue Dart shot up 6-8%. However, Hotel Leela, Financial Tech, Apollo Tyres, Persistent and Jubilant Foodworks fell 4-5%.
Market breadth was mixed. About 1333 shares advanced as against 1362 shares declined on the Bombay Stock Exchange.
At 13:26 hours IST : Mild sell-off shaves Sensex gains; Bharti, ICICI Bank fall
BSE benchmark Sensex could not hold on to the recovery witnessed post strong Europe opening and handsome Dow & Nasdaq future gains. The 30-share BSE Sensex was trading at 17,154, up just 24 points and the 50-share NSE Nifty went up 8.5 points to 5,169.
Among European markets, France’s CAC, Germany’s DAX and Britain’s FTSE were up 1.5-2% each. Even crude oil prices were trending up after bullish inventory data; Brent crude gained USD 0.81 to USD 107.5 a barrel.
HDFC, NTPC, Reliance Industries and ITC, which gained 1-3%, were quite supportive. Now Infosys too joined them with moderate gains.
However, consistent selling in Bharti Airtel, ICICI Bank, SBI, TCS, BHEL, L&T and DLF, which fell 0.5-1.5%, were putting pressure.
At 12:39 hours IST : Sensex rebounds on strong European opening
Equity benchmarks bounced back in afternoon trade reacting to strong European cues. France’s CAC, Germany’s DAX and Britain’s FTSE gained 2-3% in the opening trade. These markets had fallen anywhere between 3 and 5% yesterday on rumours that France may be on the way to lose its prized top AAA credit rating.
The 30-share BSE Sensex rose 59 points to 17,189 and the 50-share NSE Nifty went up 17 points to 5,178.
Heavyweights like Reliance Industries, HDFC, NTPC and ITC gained 1.5-3%. Kotak Mahindra Bank surged nearly 4%.
Among other largecaps, Sterlite, Sun Pharma, Reliance Communications, Ambuja, Reliance Infrastructure, Hindalco and Reliance Capital were up 1-2%.
However, Bharti Airtel, TCS, BHEL, ICICI Bank, Tata Motors, Maruti, ONGC, L&T, DLF and SBI were on sellers’ radar.
At 11:47 hours IST : Dow futures rally fail to enthuse Sensex; HDFC, NTPC gain
A 190-point rally in Dow Jones Futures have failed to enthuse Indian equities, which were trading moderately lower. Even Asian markets were trading mixed, devoid of a sharp recovery. The 30-share BSE Sensex was trading at 17,082, down 48 points and the 50-share NSE Nifty fell 13 points to 5,147.
Largecaps HDFC, NTPC and Kotak Mahindra Bank rallied 2% each. Heavyweights Reliance Industries and ITC gained nearly 1%.
Anil Dhirubhai Ambani Group companies’ shares like Reliance Communications, Reliance Power, Reliance Infrastructure and Reliance Capital were up 1%.
However, the sell-off continued in technology, capital goods, realty and auto companies’ shares.
Midcaps like Page Industries, Tata Communications, 3M India, Jindal PolyFilm and Chambal Fertiliser gained 3-8%. However, Financial Tech, Hotel Leela, KGN Industries, Rei Agro and India Infoline lost 5-6%.
Smallcaps like aurionPro Solutions surged 18%. Halonix, Reliance Broadcast, Kirloskar Brothers and OM Metals Infra were up 5.5-7% while Nahar Spinning, A K Capital, Signet Inds, Asian Star and SV Electricals fell 5-8%.
At 11 hours IST : Mkt settles for rangebound trade; SBI, ICICI Bank active
In the absence of a trigger, Indian benchmarks as well as broader indices were trading close to their earlier levels amid moderate loss. It appears the market is waiting for a trigger to move decisively on either direction.
The 30-share BSE Sensex was trading at 17,084, down 47 points and the 50-share NSE Nifty was trading at 5,147, down 14 points. Ambareesh Baliga, chief operating officer (COO) of Way2Wealth sees Nifty trading in the 5,000-5,200 range for sometime.
Among largecaps, Tata Power plunged 4% post Q1 results. DLF, Bharti Airtel, Tata Motors, HCL Tech and Maruti Suzuki were down 2% each.
However, HDFC, NTPC, Sun Pharma, ITC, Coal India, Kotak Mahindra Bank and Ambuja Cements were top gainers, rising 0.6-1.6%.
Most active shares on exchanges were SBI, Inventure Growth, Prestige Estate, Tata Steel, AIA Engineering, ICICI Bank, Bharti Airtel and Tata Motors.
At 10:22 hours IST : Sensex extends fall amid volatility; banks, tech decline
Sell-off in technology, financials, capital goods, realty and auto stocks gained momentum which marginally pushed the Sensex down. Asian markets like Hang Seng, Nikkei and Straits Times were down 1-1.7%. Taiwan fell over 0.5% while Kospi gained 0.5%.
The 30-share BSE Sensex fell 64 points to 17,066 and the 50-share NSE Nifty slipped 18 points to 5,412. Even the market breadth moved closer towards declines; about 430 shares advanced against a decline of 765 shares.
However, buying in ITC, HDFC, NTPC, Reliance Industries, Sterlite, ACC, Ambuja Cements, Tata Steel and Reliance Communications has limited the downside.
At 9:45 hours IST : Sensex settles on recovery hopes; HDFC, ITC, HDFC Bk up
BSE benchmark Sensex and the 50-stock NSE Nifty have, so far, resisted deep cuts. Both indices stayed in green briefly and then slipped marginally to trade at 17,098 (down 32 points ) and 5,152 (down 8 points) respectively. The consolidation in market suggests what the experts have been saying — that the sell-off was overdone and a recovery is on cards.
Philip Roth, Chief Technical Analyst at Miller Tabak told CNBC-TV18 that  “the selling seen post US debt downgrade by S&P seems to be winding up.” He expects a temporary rebound with less volume and less volatility.
Defensive sectors like healthcare and FMCG were seeing buying interest. Even select financial stocks like HDFC, HDFC Bank, Kotak, Mahindra Bank and PNB gained 0.5-1%.
Heavyweights Reliance Industries and SBI too were quite supportive.
However, technology, auto, realty and select metal stocks were putting pressure on the market.

Even the market breadth started improving – about 532 shares advanced as against 558 shares declined on National Stock Exchange.

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