Foreign institutional investors bought shares worth a net Rs 316.23 crore on May 23, 2013
Indian equity indices witnessed consolidation in a volatile session of trade after four straight days of decline as investors opted to remain on the side-lines after yesterday’s crash in global markets amid brewing concerns that the US Federal Reserve may withdraw stimulus earlier than expected. Though, markets after a positive opening suddenly entered into red in early trade owing to the decline in Japanese market with the Nikkei coming off over 2 per cent from the day’s high. But, the key gauges found strong supports around the crucial 5,950 (Nifty) and 19,650 (Sensex) levels on the downside and rebounded from those levels. Market participants were seen piling up positions largely across the board as they hunted for undervalued but fundamentally strong bargains after the recent sell-off. Both the frontline gauges managed to keep their head above water at the end after changing directions several times during the trade.
Global cues remain mixed with European counters opening in red despite better-than-expected German business confidence data, signaling a brighter future for Europe’s largest economy. While, most of the Asian equity indices ended the session in the positive terrain with Japanese Nikkei ending with a gain of about a percent after an extremely volatile session.
Back home, foreign institutional investors (FIIs) bought shares worth a net Rs 316.23 crore on May 23, 2013. Sentiment also got some boost from Finance Minister P Chidambaram’s statement that there is no need for any kind of nervousness. He said the Indian markets should read the situation correctly rather than be influenced by something elsewhere.
Some support also came in after India’s largest steel maker by sales -- Tata Steel -- surged as its March-quarter operating profit beat streets expectation. The company’s consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) rose 27.75 per cent to Rs 4368 crore in Q4 March 2013 over Q4 FY12. Sentiments also remained upbeat after shares in Wockhardt recovered substantial ground after plummeting 19 per cent in intra-day trade, lowest since August 2012, after the US Food and Drug Administration imposed an ‘import alert’ on a plant operated by the generic drug maker.
The NSE’s 50-share broadly followed index Nifty rose by over fifteen points to end above the psychological 5,950 support level, while Bombay Stock Exchange’s Sensitive Index -- Sensex surged by thirty points to finish above the psychological 19,700 mark. Moreover, broader markets too ended the session slightly in green.
The overall volumes stood above Rs 1.90 lakh crore, which remained on the lower side as compared to that on Thursday. The market breadth remained in favor of advances as there were 1,189 shares on the gaining side against 1,098 shares on the losing side while 147 shares remain unchanged.
Finally, the BSE Sensex gained 30.00 points or 0.15% to settle at 19,704.33, while the CNX Nifty rose by 16.50 points or 0.28% to end at 5,983.55.
The BSE Sensex touched a high and a low of 19,833.14 and 19,568.49, respectively. The BSE Mid cap index up by 0.37% and Small cap index was up by 0.30%.
The top gainers on the Sensex were, Tata Steel up 4.56%, Tata Power up 3.75%, L&T up 2.70%, ICICI Bank up 2.60% and Sterlite Industries up 1.63%, while Sun Pharma down 3.67%, Hindalco down 1.70%, Cipla down 1.63%, TCS down 1.59% and BHEL down 1.51% were the top losers on the index.
The top gainers on the BSE Sectoral space were, Consumer Durables up 1.86%, Metal up 1.61%, Capital Goods up 1.61%, Bankex up 0.96% and Power up 0.89%, while Health Care down 1.28%, IT down 0.74%, TECk down 0.66% and Auto down 0.04% were the top losers on the sectoral space.
Meanwhile, the coal ministry has opposed the proposal of Central Electricity Authority (CEA) to form a panel to look into issues with regard to the quality of coal being supplied to power utilities, saying that it would apparently be at variance with the already laid down system and procedures under Fuel Supply Agreement (FSA).
Coal Additional Secretary, A K Dubey said, the coal is being supplied under a legally enforceable FSA and any dispute on coal supply under it has to be resolved through a resolution mechanism provided in the agreement itself. Further, the FSA mechanism provides for joint sampling and analysis at the loading end with a mechanism for resolution of disputes on coal quality issues.
By adding further, Dubey said that Coal India (CIL) has major issues such as payment default and huge outstanding payment with thermal power plants and till now over Rs 8,600 crore has been unilaterally held up by power companies in violation of the provisions of the FSA.
Regarding the coal quality improvement, the coal secretary said, decision has been taken to conduct third-party sampling of coal supplies and CIL has already given a deadline of September 30 to implement it. Moreover, the Central Institute of Mining and Fuel Research (CIMFR) is also doing an independent sample analysis on coal quality.
The CNX Nifty touched a high and a low of 6,015.30 and 5,936.80 respectively.
The top gainers on the Nifty were Maruti Suzuki up 7.86%, Tata Steel up 4.77%, Tata Power up 3.98%, Lupin up 2.94% and L&T up 2.90%.
On the other hand, top losers on Nifty were, Sun Pharma down 3.11%, BHEL down 1.61%, Cipla down 1.53%, TCS down 1.39% and Ranbaxy down by 1.32%.
The European markets were trading in red, France’s CAC 40 down by 0.09%, the United Kingdom’s FTSE 100 down by 0.65% and Germany’s DAX down by 0.75%.
Asian markets recovered after heavy falls a day earlier and ended mostly higher with Japan’s Nikkei surging back from its worst one-day drop since the March 2011 quake-tsunami disaster as investors moved to recoup losses. Chinese stocks went home with green mark after recovering from biggest slump in a month, as gains by health-care and technology stocks overshadowed losses among property developers. Japanese stocks closed with strong gains, as yen drifted lower against the dollar. Hong Kong stocks ended lower in volatile trade.
Stock markets in Malaysia and Singapore remained closed for a public holiday.
Asian Indices
|
Last Trade
|
Change in Points
|
Change in %
|
Shanghai Composite
|
2,288.53
|
12.87
|
0.57
|
Hang Seng
|
22,618.67
|
-51.01
|
-0.23
|
Jakarta Composite
|
5,155.09
|
33.69
|
0.66
|
KLSE Composite
|
-
|
-
|
-
|
Nikkei 225
|
14,612.45
|
128.47
|
0.89
|
Straits Times
|
-
|
-
|
-
|
KOSPI Composite
|
1,973.45
|
4.26
|
0.22
|
Taiwan Weighted
|
8,209.78
|
-28.05
|
-0.34
|
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