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BSE Sensex falls 68 pts,first drop in three days as HDFC Bank,Sun Pharmaceuticals share prices drop

BSE Sensex dragged down by HDFC Bank,Sun Pharmaceuticals share prices; small caps outshine bluechips.

Falling for the first time in three days,the BSE Sensex slipped over 68 points today in choppy trade as investors started unwinding their pending positions before the settlement in monthly equity derivatives.

However,smallcap and midcap stocks outshone bluechips.

The BSE Sensex,which had gained 392.41 in past two days,started on a positive note tracking overnight gains in US markets but fell by 68.32 points,or 0.32 per cent,to end at 21,032.71 dragged down by HDFC Bank,HDFC and Sun Pharmaceuticals Industries.

Sesa Sterlite fell over 2 per cent after CBI registered a preliminary enquiry against Vedanta Group chief Anil Agarwal in connection with alleged irregularities in Hindustan Zinc disinvestment.

Tata Power Company slid 3.2 per cent,the worst fall in Sensex stocks. However,gains in Infosys,Bajaj Auto and Bharat Heavy Electricals Ltd (BHEL) cushioned the Sensex fall to some extent,traders said.

The NSE Nifty slid 16.10 points,or 0.26 per cent,to end at 6,248.40 hurt by losses in metal and banking scrips. SX40 index of MCX-SX fell 49.05 points to 12,510.16.

Multi Commodity Exchange of India Ltd

“The rally in the US markets which are breaching 6-year high levels did not culminate fully into the Indian markets. The session on Thursday,the last for December series and for the calendar year may turn out to be volatile as we head for the Q3 results season,” said Vishal Jajoo,Senior Research Analyst (PCG),Nirmal Bang Securities.

Rupee was last trading at 61.87/88 levels versus US dollar when domestic equity markets closed for the day.

Yesterday,key US indices — Dow Jones Industrial Average and S&P 500 — carried on their record run in the holiday shortened week as incoming economic data reinforced perception that economic recovery will accelerate in the year ahead.

In broader markets,GMR rose after reports said Malaysia Airports Holdings Berhad plans to buy the entire 40 per cent stake of the Indian firm in Istanbul’s Sabiha Gokcen International Airport project for 225 million euro.

Apollo Tyres surged 8 per cent on hopes the company will get a better deal to acquire Cooper Tire & Rubber Co.

The session also saw gains in mid-cap housing finance firms like Indiabulls Housing,LIC Housing,Can Fin Homes.

The BSE Metal index fell the most by losing 1.09 per cent,followed by Banking index (0.43 pc),Oil and Gas index (0.23 pc),Power index (0.22 pc).

HIGHLIGHTS

* BSE Sensex closes down 0.32 pct; NSE index falls 0.26 pct

* Sesa Sterlite falls after federal police begins probe

* Profit-booking ahead of derivatives expiry weighs on blue chips

Gaurang Shah,Assistant Vice President,Geojit BNP Paribas Financial Services:

Flat trend continued in the markets for the day with some negative bias & this is likely to slip over for Thursdays trade at lest for the first half of the day. The rollover figures on the F&O segment will give some indication on the near term market direction.

Sectorial Metals & Banks were the biggest losers. On the currency front we could see some strength in the Indian rupee against the USD till 3.30pm.We would advice buying in IT/Pharma & selective telecom & media/entertainment stocks from a long term perspective & this should be done when there is a correction in markets.

Sideways consolidation is likely to continue for the next week on the markets with the trend being on the down side. The only sliver lining could emerge from the earnings season which will unfold in Jan 2014.

Alex Mathews,Head Research,Geojit BNP Paribas Financial Services:

The markets today remained in a tight range after opening with a positive note tracking the global peers. The investors remained cautious ahead of Christmas holiday and December F&O expiry which even made the markets to give up all its gains.

The Indian markets may remain closed tomorrow on account of Christmas.

Nifty closed at 6268 down around 16 points. The market breadth remained positive as there were seen 1444 stocks advancing against 1026 stocks declining.

The Volatility index,VIX closed at 15.76 down around 3.07%.

Capital goods and consumer durables were the sectoral gainers for the day,closed up around 0.60% and 0.18% respectively. The loser sectors were Metal and Oil & gas sector which closed down around 1.18% and 0.23%.

Ranbaxy Steel and Bajaj Auto were the gainers in the stock’s front,ended up around 2.75% and 2.33% respectively. The losers on the other end were Tata Power and Wipro closed down around 3.26% and 2.29% respectively.

The FIIs were net buyers in the cash segment,bought shares worth Rs 135.42 crore on 23,Monday December 2013. On the other hand the DIIs were also net buyers on 23 December 2013,bought shares worth Rs 38.35 crore as per the provisional data from the stock exchanges.

The European markets were trading higher on the back of positive US economic data and Chinese central bank’s move to ease a cash crunch.

BSE Sensex falters ahead of derivatives expiry; Sesa falls

(Reuters) BSE Sensex fell on Tuesday after two sessions of gains as investors booked profits in recent outperformers such as ONGC and Tata Motors ahead of derivatives expiry later this week.

The expiry of derivatives on Thursday typically sparks volatile trading. This month will also mark the end of the quarter and the calendar year. Markets are closed on Wednesday for the Christmas holiday.

Still,broader sentiment remains underpinned by strong buying by foreign institutional investors even after the Federal Reserve last week announced the start of a reduction in bond purchases.

FIIs bought 1.35 billion rupees ($21.8 million) of Indian shares on Monday,according to exchange and regulatory data,bringing their total over the three sessions since the Fed decision to $514.2 million,as global markets have extended gains.

“FIIs are the dominant players and going into the holiday season volumes are likely to remain thin,so we don’t expect too much of a movement in the next few days,” said Aneesh Srivastava,chief investment officer of IDBI Federal Life Insurance Co Ltd.

“Going into the New Year there would be increased volatility,but our expectation is for interest rate to turn around,which would be a net positive.”

The benchmark BSE index closed down 0.32 percent at 21,032.71,after gaining 1.9 percent in the previous two sessions. The broader NSE index fell 0.26 percent to 6,268.40.

Some recent outperforming blue chips fell,with Tata Motors Ltd down 0.8 percent after gaining 2.4 percent over the previous four sessions.

Oil and Natural Gas Corp (ONGC) fell 1.1 percent after rallying 5.5 percent over the previous four sessions.

Shares of Sesa Sterlite Ltd,controlled by billionaire Anil Agarwal,closed down 2.28 percent after India’s top investigating agency said it started a probe into possible irregularities in its stake buy in Hindustan Zinc Ltd back in 2006.

Hindustan Zinc,in which Agarwal’s Vedanta Resources PLC has a 64.9 percent stake,closed lower 2.15 percent.

However,among gainers,Infosys Ltd,which fell 2.3 percent on Monday after a top executive resigned,closed higher 0.52 percent on bargain-buying.

Shares in Apollo Tyres Ltd ended up 7.9 percent after rising to their highest since September 2012 as investors bet the Indian company will drop its $2.5 billion deal to buy U.S.-based Cooper Tire & Rubber Co.

For additional stocks on the move double click

FACTORS TO WATCH

* Dollar edges higher on strong U.S. economy outlook

* Brent steadies above $111 on South Sudan conflict

* Equities buoyed by Nikkei high,dollar edges up

* Foreign institutional investor flows

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