Thursday, December 17, 2009

India Nifty Slips Lower; IDEA, Unitech, HUL, HDFC Down

. Thursday, December 17, 2009

By stockOzone team

Indian markets were witnessing a choppy session with negative bias due to lack of triggers from the global market. Realty, oil&gas

and banks were amongst the top underperforming sectors while healthcare and auto stocks bucked the trend.

“On Thursday the market remained rangebound between the highs and lows of previous days. As it failed to recapture the level of 5090/17050 we may confidently say that the market is still weak and may reach minimum level of 4976/ 16660 or maximum 14925/16550 level in the near term. For the day our advice is to buy only on recoveries,” said Kotak Securities report.

At 11:04 am, National Stock Exchange’s Nifty was at 5021.10, down 20.65 points or 0.41 per cent. The index touched an intra-day low of 5011.35 and high of 5042.10.

Bombay Stock Exchange’s Sensex was at 16828.43, down 65.82 points or 0.39 per cent. The 30-share index hit a low of 16812.25 and high of 16886.97.

BSE Midcap Index was down 0.03 per cent and BSE Smallcap Index moved 0.41 per cent higher.

Amongst the sectoral indices, BSE Realty Index was down 0.58 per cent, BSE Oil&gas Index slipped 0.58 per cent and BSE Bankex slipped 0.49 per cent. BSE Healthcare Index was up 1.02 per cent and BSE Auto Index moved 0.22 per cent higher.

Wipro (2.43%0, HCL Tech (2.42%), Tata Motors (1.62%), Suzlon (0.84%) and Ranbaxy Laboratories (0.78%) were amongst the top Nifty gainers.

IDEA (-1.63%), Unitech (-1.45%), Hindustan Unilever (-1.41%), HDFC (-1.37%), ACC (-1.27%) were amongst the major losers.

Market breadth was positive on the BSE with 1318 advances and 992 declines.

The US market ended lower following bounce back in the dollar. The Dow Jones Industrial Average dropped 1.27 per cent, the Standard & Poor's 500 Index fell 1.18 per cent and the Nasdaq Composite Index lost 1.22 per cent.

Asian markets were also witnessing a lacklustre session. Nikkei 225 was down 22 per cent, Shanghai Composite fell 1.17 per cent and Strait Times was down 0.83 per cent.

Disclosure: Author does not own any of the stocks discussed here.

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