The Indian stock market ended lower on Wednesday, extending losses to a third successive session, as foreign institutional investors pressed sales on the back of recent weak economic data.
Last Friday's industrial output data for February and the data released by the government on Tuesday that showed wholesale price inflation to have risen at the fastest pace since December, proved strong enough triggers for investors to press sales. A weak report on Chinese GDP growth and caution ahead of key results contributed as well to the market's sharp decline.
The BSE benchmark Sensex ended the session with a loss of 207.70 points or 0.92% at 22,277.23, around 30 points off the day's low of 22,247.39. The Nifty index of the National Stock Exchange, which declined to 6665.15, closed at 6675.30, recording a loss of 57.80 points or 0.86%.
Intraday Stock Tips for Tomorrow (10th April 2014)
BUY Delta Corp at 105 with a TARGET of 107 and a stop loss of 105.
BUY Escorts at 128 with TARGET of 131 and stop loss of 126.
BUY Axis Bank at 1500 with TARGET of 1530 and stop loss of 1475.
Visit the blog daily to get Best and Accurate Stock and Commodity Tips.
BUY Escorts at 128 with TARGET of 131 and stop loss of 126.
BUY Axis Bank at 1500 with TARGET of 1530 and stop loss of 1475.
Visit the blog daily to get Best and Accurate Stock and Commodity Tips.
Nifty Tips and Trend for Tomorrow (9th April 2014)
The Indian stock market ended on a buoyant note on
Wednesday, with the key indices Sensex and the Nifty hitting new all-time highs
amid frenzied buying in the closing minutes.
A firm trend in Asian and European markets, a positive
report on India's growth prospects from the International Monetary Fund and
expectations of a business friendly government post the ongoing Lok Sabha
elections drove stock prices up sharply in the final hour.
The Sensex, which soared to a new lifetime high at
22,740.04, ended at 22,702.34, gaining 358.89 points or 1.61%. The Nifty closed
at 6796.20, off a new all-time high of 6808.70, recording a gain of 101.15
points or 1.51%.
In the FOREX market, the rupee was last seen hovering around
60.10 against the U.S. dollar. It opened at 59.98 a dollar, up 13 paise from
previous close.
According to reports, the International Monetary Fund
expects India’s economy to expand 5.4% in 2014-15 and acclerate to a pace of
6.4% in the following year.
Bank stocks hogged the limelight in late afternoon trade.
Mirroring strong buying in that space, the BSE Bankex spurted nearly 3.5%.
Metal, healthcare, realty, power and automobile stocks too mostly ended with
handsome gains.
Oil, consumer durables and select FMCG stocks too closed
notably higher. Information technology stocks traded weak. Besides several
large cap stocks, scores of midcap and smallcap stocks ended with handsome
gains.
Among Sensex stocks, only Infosys , Tata Consultancy
Services, Wipro and ONGC ended on the negative side. These stocks lost 0.4% -
1.2% from their previous closing levels.
Sun Pharmaceutical Industries ended nearly 7% up, extending
previous session's gains. The stock has been attracting buyers following the
company's announcement about its plans to acquire Ranbaxy Laboratories in an
all-stock deal. Ranbaxy Laboratories too closed on a high note.
Cipla, Dr Reddy's Laboratories, Lupin, Aurobindo Pharma and
Piramal Enterprises also closed notably higher.
Axis Bank, ICICI Bank, State Bank of India and HDFC Bank
gained 2.5% - 4.5%. Several other bank stocks, including Federal Bank, Union
Bank of India, Kotak Bank, IndusInd Bank, Punjab National Bank, Canara Bank,
Bank of Baroda, Bank of India, IDBI Bank, Andhra Bank and Syndicate Bank too
closed with impressive gains.
Metal stocks Hindalco, Tata Steel, Sesa Sterlite, Coal India
and SAIL moved up sharply.
Tata Motors ended 4.4% up. HDFC, GAIL India, BHEL, Reliance
Industries, Sesa Sterlite, Maruti Suzuki, Larsen & Toubro, Mahindra &
Mahindra and Tata Power also closed notably higher.
DLF, Cairn India, NMDC, Asian Paints, Ambuja Cements and
BPCL ended with sharp to moderate gains.
Tech Mahindra lost around 3%. HCL Technologies ended 2%
down. United Spirits and ACC ended modestly lower.
The market breadth was strong. Out of 2860 stocks traded on
BSE, 1873 stocks moved up. 877 stocks declined and 110 stocks ended flat.
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