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Shares fall in choppy market
Markets on a correction after a record all-time high in the previous sessions. Analysts see a volatile week ahead as the traders resorting to roll-over of positions in F&O segment to December 2014 series.
At close, Sensex down 161 and Nifty dips 67 points
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Mumbai: Markets on a correction after a record all-time high in the previous sessions. Analysts see a volatile week ahead as the traders resorting to roll-over of positions in F&O segment to December 2014 series.
After a recent rally correction is overdue and a 2 to 3 per cent fall is considered as healthy for the market. But they fear that the retail investors who are waiting at the wings to enter the market may keep off, if the markets fell further deep.
However, big brokers are betting big on the markets and suggest to the investors to search for value pick at every dip instead of chasing high value stock.
At close on Tuesday, the Sensex down 161 points to 28,338, while Nifty ended at 8,463, down by 67 points. Also broader markets reported decline with mid and smallcap indices down by 1.4 and 2.4 per cent respectively. The market breadth closed highly negative with 2,156 declines and 837 advances.
Most of the sectors closed in red excepting oil and gas sector. While real estate and utilities reported losses 2.44 per cent and 2.3 per cent respectively and others like banks, auto, capital goods and metals down in the range of 1.2 to 1.5 per cent.
ITC fell nearly 5 per cent as the reports suggest that the government may ban sale of loose (single) cigarettes. And other losers include DLF, NMDC, Kotak Bank etc. On the other hand the gainers include BHEL, Zee Entertainment, Hindustan Unilever.
The stocks which were reported 52-week highs include AIA Engineering, Amrutanjan, Atul Auto, Castrol, Dr Reddy's, HDFC Bank, JK Tyre, Torrent Pharma etc. The major gainers: BHEL, up 2.95 per cent at Rs 265.20; Hindustan Uniliver, up 1.97 per cent at Rs 764.75; ONGC, up 1.34 per cent at Rs 385.80; Dr Reddy’s, up 1.20 per cent at Rs 3,566.65; and Bharti Airtel, up 1.13 per cent at Rs 403.15.
The major losers: ITC, down 4.99 per cent at Rs 355.70; Tata Steel, down 2.56 per cent at Rs 464.40; ICICI Bank, down 2.02 per cent at Rs 1,737.10; NTPC, down 1.96 per cent at Rs 140; and Larsen and Toubro, down 1.93 per cent at Rs 1,636.50.
