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Tuesday, 23 December 2014

Nifty struggles below 8300; Sesa Sterlite drags 3%

The market is showing signs of cracks ahead of December F&O series expiry. The Sensex is down 131.38 points at 27570.41. The Nifty slips 40.95 points at 8283.05. About 915 shares have advanced, 1767 shares declined, and 120 shares are unchanged.

Infra, metals and IT stocks are dragging the indices with losers like Sesa Sterlite, Tata Power, Tata Steel, Hindalco and Coal India. The gainers are Bharti Airtel, Bajaj Auto, NTPC, M&M and Hero Moto.

Plunging oil prices will prompt global energy companies to cut investments in new projects by 25 percent or more in 2015, analysts said over the past week, as firms try to stay cash-flow positive and keep debt in check. With oil prices down more than 40 percent since June, some companies, including ConocoPhillips, have slashed spending by 20 percent. But because crude prices have yet to stabilize, other companies are waiting to draw up budgets.

Brokers said emergence of profit-booking by funds in stocks that had recently logged gains amidst absence of any fresh trigger and a weak trend at other Asian markets led to the fall in markets.  Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 335.24 crore yesterday, as per provisional data from stock exchanges. More information please visit this site

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