Sensex,NIFTY Takes Breather After A Dream Run
Post on 24,February 2012   7:00 PM
By - PolyEyes Staff
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Mumbai, Feb, 25: After the euphoric run that lasted more than a month last week was the first bad note for the Indian equity market. The past seven weeks have seen consecutive positive rallies.

The market corrected slightly more than 2% during the outgoing week while it rallied 20% in the previous weeks supported by the robust inflow of FII around Rs 29,000 crore.

The marked observed sharp fall in the last three trading sessions of the week may be due to expiry of F&O that given chance to book the profit after a hefty rally, rising crude oil prices, question over economic growth in euro zone and the money flow toward the primary market in MCX IPO which got oversubscribed over 55 times.Market players feel that the traders may have sold shares to apply for this IPO as investors are seeing a quality IPO after long time.

The 30-share basket BSE Sensex corrected 154.93 points or 0.86% on Friday, to close at 17,923.57. It was LED down by banks, capital goods, oil & gas and realty stocks. Meanwhile, the 50-share basket NSE Nifty corrected 54 points or 0.98% to 5,429.30.
Despite this fall, market participant are still bullish on the Indian market as they expect huge inflow from FII in the near-term.

Oil & gas majors and index heavyweights RIL and ONGC fell 2% each. Capital goods Index corrected 3% led by L&T and BHEL were down 3.6% & 2.55%, respectively.
The BSE Bank and Realty indices fell 2% each. SBI, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and PNB were the major dragger while DLF lost 3.5%.

Shares of HDFC dropped 3.5% after Citi sold 14.5 crore shares of their holding at Rs 657.50/share in a block deal on Friday.

Despite the fall in the market BSE Metal Index was clear outperformer, rising 1%. Sterlite Industries rallied 3%; Coal India, Tata Steel, Jindal Steel and Hindalco gained 0.6-1.4%.Among IT and telecom major Infosys, TCS, ITC and Bharti Airtel rose 0.4-1%.

Other than Index heavyweight ABB fell 5.5% after their numbers. However, Mangalore Chemicals climbed 10% after Business Standard reports that Zuari Industries and Chambal Fertilizers are eyeing UB group's 30.4% stake in the company. Oracle Financial shot up 16.4% due to delisting story.

The broader markets closed 0.6% down as the declining shares outnumbered advancing by 1819 to 1078 on the BSE.

The market turned negative amid highly volatile trade, weighed down by banks & financials stocks. Rising crude oil due to geopolitical worry due to Iran may be a concern for the market now; Brent crude was trading at around USD 124 a barrel that will impact inflation.

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