7 March :Sales Traders Commentary ::Edelweiss

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Sales Traders Commentary

On Tuesday, the domestic equity market, stung by disappointing UP Assembly election results, closed lower and wiped out more than 500 points from the day's high just before closing. The Sensex and Nifty dipped more than 1% each. Sustained selling was seen in metal, power, capital goods, oil&gas and financials stocks.  

The Sensex closed at 17173, down 190 points, while the Nifty slipped 58 points to end the day at 5222.

Major gainers were D L F (2.50%), Infosys Technologies (1.45%), I T C (1.33%), Maruti Suzuki India (0.72%), Coal India (0.69%), and Mahindra & Mahindra (0.53%).

Major losers were Hindalco Industries (5.72%), Tata Steel (5.60%), Sterlite Industries (India) (5.44%), Jindal Steel & Power (4.26%), Tata Power Company (4.19%), and Bharti Airtel (3.86).

The IT index was up 0.52%. Major gainers were Financial Technologies (India) (1.51%), Infosys (1.45%) and H C L Technologies (0.22%).

The Metal index slipped 3.88%. Major losers were JSW Steel (6.37%), Hindalco Industries (5.72%), Jindal Steel & Power (4.26%), Hindustan Zinc (3.27%) and Bhushan Steel (0.95%).

The Power index was down 2.38%. Major losers were Reliance Infrastructure (6.44%), Adani Power (4.15%), G M R Infrastructure (3.6%), Bharat Heavy Electricals (2.95%) and Crompton Greaves (0.59%).

The Capital Goods index was down 1.94%. Major losers were Bharat Heavy Electricals (2.95%), Alstom Projects India (2.76%), A I A Engineering (1.24%), Crompton Greaves (0.59%) and Bharat Electronics (0.49%).

Major losers in the mid–cap space were Alstom Projects India (2.76%), CORE Education and Technologies (2.04%), Aban Offshore (1.9%), A I A Engineering (1.24%) and A B G Shipyard (1.22%).

Major losers among small caps were Reliance MediaWorks (6.89%), A2Z Maintenance & Engineering Services (3.53%), Adhunik Metaliks (1.57%), Trident (1.37%) and Aanjaneya Lifecare (0.17%).

Globally, Asian indices ended on a negative note while European indices were trading in the red.