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Tuesday, 9 December 2014

Nifty struggles below 8350; Sun Pharma, ITC under pressure

10:20am FII View

Bharat Iyer, JPMorgan says equity markets are in consolidation mode, adding trading volumes and values, delivery volumes and outstanding positions in the derivatives segment picked up a tad over the last month.

“Investor sentiment remains positive, as reflected in net buying by FIIs and local MFs. But insiders were sellers and the breadth was negative too,” he adds.

According to him, separately, implied volatility is at an all-time low level suggest complacency. “Money market liquidity continues to improve, and interest rates across the yield curve have declined 20-30 bps over the last month,” says Iyer.

10:00am Market Check

Equity benchmarks remained in a consolidation mode after seeing more than a percent fall in previous session. The Sensex rose 2.43 points to 27799.44 while the Nifty declined 2.20 points to 8338.50.

However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.6 percent each. More than two shares advanced for every share declining on the Bombay Stock Exchange.

Shares of ITC, Sun Pharma and Hindustan Unilever topped the selling list, falling 1-2 percent followed by HDFC, Tata Motors, Reliance Industries and Bajaj Auto with marginal loss.

However, Infosys, ONGC, State Bank of India, Hero Motocorp, ICICI Bank, Axis Bank, Bharti Airtel, HDFC Bank, TCS and BHEL rose 0.2-1 percent.

Metal stocks like Tata Steel, Hindalco Industries and Sesa Sterlite gained nearly a percent as Cabinet may decide coal auction floor price today. Cabinet may decide to fix floor price of Rs 150 per tonne, reports CNBC-TV18. Tata Power climbed over 2 percent. More information please visit this site

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