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Markets crack
The market reversed all its gains on Friday, reacting to the fears that rate cut cycle may get stopped due to rise in CPI inflation. The Sensex shed more than 680 points from day?s high. However, the index had climbed 253 points in morning trade today following clearance to Insurance Bill by Rajya Sabha.
The 30-share BSE Sensex fell 427.11 points or 1.48 percent to close at 28503.30 and the 50-share NSE Nifty dropped 128.25 points or 1.46 percent to 8647.75. The broader markets plunged too, the BSE Midcap and Smallcap indices were down 1.4 percent and 1.5 percent, respectively. More than two shares declined for every share advancing on the Bombay Stock Exchange.
For the week, the Sensex and Nifty tanked 3.2 percent each, the biggest weekly loss in the current calendar year. The sentiment dented by US rate hike fears and low hopes for further rate cut in India post February CPI inflation.
Sectors & Stocks
Banks, FMCG, capital goods, pharma and auto stocks pulled the market lower. Bank Nifty dropped 2 percent as ICICI Bank, Axis Bank and State Bank of India were down 2-2.5 percent while rival HDFC Bank fell over a percent.
Capital goods majors Larsen & Toubro and BHEL tanked over 3 percent. ITC was down 2 percent as Karnataka Government raised value added tax on cigarette and bidi between 17 to 24 percent.
Bajaj Auto lost 2.6 percent after brokerage house CLSA maintained underperform rating on the stock, citing structural as well as cyclical headwinds. Tata Motors slipped 1.2 percent on a 5.9 percent decline in Jaguar Land Rover February retail sales.
Among others, Reliance Industries, TCS, Sun Pharma, HUL, Wipro, Cipla, Hindalco, Tata Steel, Tata Power and Sesa Sterlite were down 1.5-2.6 percent. However, ONGC and Bharti Airtel advanced over half a percent.
DLF surged 6 percent as Securities Appellate Tribunal quashed SEBI?s order on DLF.
Way forward
Technically, with the Nifty breaking the 8677 supports, the underlying trend continues to remain down. The Nifty could now head towards the next major supports of 8470 in the coming sessions.
The market reversed all its gains on Friday, reacting to the fears that rate cut cycle may get stopped due to rise in CPI inflation. The Sensex shed more than 680 points from day?s high. However, the index had climbed 253 points in morning trade today following clearance to Insurance Bill by Rajya Sabha.
The 30-share BSE Sensex fell 427.11 points or 1.48 percent to close at 28503.30 and the 50-share NSE Nifty dropped 128.25 points or 1.46 percent to 8647.75. The broader markets plunged too, the BSE Midcap and Smallcap indices were down 1.4 percent and 1.5 percent, respectively. More than two shares declined for every share advancing on the Bombay Stock Exchange.
For the week, the Sensex and Nifty tanked 3.2 percent each, the biggest weekly loss in the current calendar year. The sentiment dented by US rate hike fears and low hopes for further rate cut in India post February CPI inflation.
Sectors & Stocks
Banks, FMCG, capital goods, pharma and auto stocks pulled the market lower. Bank Nifty dropped 2 percent as ICICI Bank, Axis Bank and State Bank of India were down 2-2.5 percent while rival HDFC Bank fell over a percent.
Capital goods majors Larsen & Toubro and BHEL tanked over 3 percent. ITC was down 2 percent as Karnataka Government raised value added tax on cigarette and bidi between 17 to 24 percent.
Bajaj Auto lost 2.6 percent after brokerage house CLSA maintained underperform rating on the stock, citing structural as well as cyclical headwinds. Tata Motors slipped 1.2 percent on a 5.9 percent decline in Jaguar Land Rover February retail sales.
Among others, Reliance Industries, TCS, Sun Pharma, HUL, Wipro, Cipla, Hindalco, Tata Steel, Tata Power and Sesa Sterlite were down 1.5-2.6 percent. However, ONGC and Bharti Airtel advanced over half a percent.
DLF surged 6 percent as Securities Appellate Tribunal quashed SEBI?s order on DLF.
Way forward
Technically, with the Nifty breaking the 8677 supports, the underlying trend continues to remain down. The Nifty could now head towards the next major supports of 8470 in the coming sessions.
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