Markets dive- 11th Dec : HDFC secutities

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Markets dive

Markets ended lower on Thursday as investors trimmed positions in equities after declining crude oil prices added to concerns over slowdown in global growth. The Sensex ended 229 points down at 27,602 and the Nifty ended down 63 points at 8,293. In the broader market, the BSE Mid-cap index and Small-cap index ended 0.6-0.7% lower. Market breadth ended weak with 1,747 losers and 1,137 gainers on the BSE.

Sectors & Stocks:

The BSE Oil and Gas index was the top sectoral loser down 2.5% followed by IT, Realty and Consumer Durables indices. Capital Goods, Healthcare and Auto indices were among the top gainers.

Oil shares ended down on the back of declining global crude oil prices. ONGC and Reliance Industries ended nearly 3% down contributing the most to the Sensex decline.

Infosys ended weak after the IT major ended 2.4% lower on the New York Stock Exchange on Wednesday. On Monday, its founders sold 32.6 million shares of the company for an overall amount of Rs 6,484 crore via open market. The stock ended down 2.3%. ICICI Bank, HDFC, Tata Motors, Bharti Airtel and Tata Steel were among the top Sensex losers.

In the capital goods space, BHEL ended up 0.2% on buying support at lower levels after the recent correction. Maruti Suzuki ended up 1% on media reports that the company is planning to launch a new hatchback. HDFC Bank, ITC, Coal India, Sun Pharma and Dr Reddy's Labs were among the other Sensex gainers.

Shares of sugar companies have rallied by up to 5% on the bourses after the government fixes a price of Rs 48.50-49.50 per litre for procurement of ethanol for blending with petrol. Bajaj Hindusthan , Shree Renuka Sugars, Balrampur Chini Mills and Dhampur Sugar Mills ended up 4-5% each.

Havells India has slipped 9% , extending its previous day?s 7% decline, after the company?s management has cut its FY15 guidance. The stock has fallen nearly 17% from its record high of Rs 347 touched yesterday.

Outlook

Technically, with the Nifty sliding down further and closing below the 8304 supports, the underlying short term trend remains down. The index could now head towards the 8212 levels in the near term. Any pullback rallies could find resistance at 8359.