Golden Investment Research Private Limited
Nifty moderately lower mid volatility; RIL, auto gain
Date : 01.02.2012
The market was moderately lower amid choppy trade, weighed down by banks and technology stocks. However, auto stocks and index heavyweight Reliance Industries were supporting the market. The Sensex was down 76 points at 17,117.91 and the Nifty fell 22.65 points to 5,176.60.
HSBC India is a little cautious on equities after this fairly quick run up (of 11% in January) because they believe the market is waiting for further cues from policymakers.
"The market needs to be bolstered by some fundamental, whether it's monetary easing or some kind of fiscal consolidation measures coming through in the Budget," said Jitendra Sriram, managing director and head of research.
Among banks, ICICI Bank tanked 2% on profit booking as it had rallied 6% yesterday post better than expected numbers in Q3. HDFC Bank was down 1% and SBI fell 0.4%.
Shares of HDFC slipped 2.2% after a block deal, wherein Carlyle sold 2 crore shares on the BSE at Rs 677 a share.
Among others, Infosys, ITC, Bharti, TCS, ONGC, Coal India, Sterlite and DLF were down 1-1.8%; L&T dropped 0.4% while BHEL gained 0.2%.
However, index heavyweight Reliance Industries moved up over 1%. Shares of Jindal Steel and Tata Power rallied 2.5-3%.
Auto stocks were on buyers' radar ahead of monthly sales numbers. M&M, Hero Motocorp, Tata Motors and Bajaj Auto were up 1-3%.
TVS Motor rose 1% as its January sales went up 5% to 1.73 lakh units year-on-year. Maruti gained 2.4% as its total sales jumped 25% to 1.15 lakh units in January month-on-month.
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