Now do you really think we are set for the great rise , not in the near future.The market for some reason may go down once again tomorrow.The market closed flat after recouping all its losses in the last couple of hours of trade on Tuesday supported by short covering in banks, auto and FMCG stocks. However, the market fell 200 points at opening as global markets fell after weaker-than-expected US manufacturing data in January. It was another most worrisome factor in addition to weak Chinese factory growth. Both indices managed to hold important levels i.e. 20000 level on the Sensex and 6000 on the Nifty.Will it sustain doubtfull.
Foreign institutional investors have net sold Rs 1,234 crore worth of shares today while domestic institutional investors bought Rs 864.55 crore of shares, as per provisional data available on exchange website.
SE Bank, Auto, FMCG, Power and Realty indices gained between 0.6-0.9 percent while IT fell 1.8 percent. Country’s largest lender State Bank of India was up 1.76 percent followed by ICICI Bank with 0.66 percent upmove and HDFC Bank with 1.3 percent gain. Cigarette major ITC too was supportive today, rising 1.4 percent and Reliance Industries too recovered in late trade to close flat.
Among auto stocks, commercial vehicle maker Tata Motors climbed 2.76 percent on value buying while two-wheeler counters Bajaj Auto and Hero Motocorp gained 1-2 percent. However, Mahindra and Mahindra topped the selling list with a 3.5 percent loss.
Telecom operator Bharti Airtel rallied 3.4 percent. Its rival Idea Cellular surged 8 percent after the Department of Telecom has transferred Punjab and Karnataka licences of Spice to the company.
State-owned power producer NTPC jumped over 3 percent. However, Infosys , TCS , Dr Reddy’s Labs, GAIL , Sun Pharma , Wipro and BHEL were down 1-3 percent.
The Asian markets like Nikkei and Hang Seng tumbled 3-4 percent while Straits Times and Kospi were down 0.8 percent each. European markets too were trading lower at the time of closing of Indian equities.