Use this space to put some text. Update this text in HTML

www.bigprofitbuzz.com. Powered by Blogger.

Tuesday 25 November 2014

Sensex ends 160 points lower amid volatile trade

3:30 pm: After starting flat and losing about 1 percent in late afternoon trading, Indian equities staged a smart recovery to recover about half the losses towards the end.

At close, the Sensex was down 161 points, or 0.57 percent, to 28,338 while the Nifty ended at 8,463, down 67 points, or 0.79 percent.

The sharp swing saw plenty of stocks being sent into a tizzy. Mid-cap stocks such as Man Infra (recovered 21 percent from day’s low), Monnet Industries (climbed 18 percent intraday) and Digjam (recovered 17 percent) saw wild swings.

BHEL, HUL and Cipla were the top Sensex gainers with a rise between 1.5 percent and 3.1 percent while ITC, Tata Steel and NTPC were the worst decliners, off 2.2 percent to 4.6 percent.

Stocks that made 52-week highs today included AIA Engineering, Amrutanjan, Atul Auto, Castrol, Dr Reddy’s, HDFC, HDFC Bank, JK Tyre, Ricoh, Torrent Pharma and Zee Entertainment.

Some analysts have expressed caution that valuations have run ahead of fundamentals. The Sensex is trading at about 19 times FY15 expected EPS of Rs 1490, higher compared to the historical average of 15-16 times.

“My sense is that the prices have definitely run-up ahead of the fundamentals,” Sanjay Dutt of Quantum Securities told CNBC-TV18. “The probability that we have touched the high for the year for this calendar year is about 70-80 percent. I think from now on we probably would see a reasonably good correction before December 31 or the first week of January because a lot of ifs and buts [with respect to earnings making a recovery] still remain.”

3:15 pm: The recovery is further gaining ground. The Sensex is down about 160 points. At its lowest point, it was down about 250 points.

3:oo pm: Indian stocks continued to trade lower albeit making up for some losses, with realty, manufacturing and utility shares continuing to trade particularly weak.

At the time of this writing, the Sensex is down 200 points, or 0.7 percent, to 28,302 while the Nifty was off 77 points, or 0.9 percent, to 8,452.

The biggest loser in the Nifty is tobacco major, an index heavyweight, which has slumped 5.5 percent amid reports the government may ban sale of loose cigarettes in a bid to curb smoking.

Other losers include NMDC (of f 3.9 percent), DLF (down 3.6 percent) and Power Grid (trading 3.1 percent lower).

About 17 stocks among the Nifty 50 are in the green, though, with the gainers’ list topped by BHEL (up 2.6 percent following a positive brokerage call) and ONGC (up 1.6 percent) after reports said the government would divest stake in it by January 2015.

The market breadth continued to remain negative with declines (2,206) topping advances (735) among the BSE traded scrips. More information please visit this site www.bigprofitbuzz.com

No comments:

Post a Comment