(RTTNews) - Monday, the Indian market ended on a negative note, even as the rest of the Asian markets ended sharply higher. The market opened higher this morning, tracking positive cues from the rest of the Asian markets and sharp gains in the US stocks on Friday, after the US government said it would spend hundreds of billions of dollars to stabilize the financial markets.

After trading in positive territory, the market pared its gains in morning trading amid alternate bouts of buying and selling. In the afternoon, the market slipped into the red after the price of crude oil rose to near $106 a barrel in Asian trading. Mixed cues from the European markets, lower US index futures and profit taking across the board also added to negative sentiment.

After opening higher at 14,215, the BSE Sensex rose to an intra-day high of 14,221 before falling to the day’s low of 13,917 in the afternoon. The benchmark, however, recouped some of its losses to finish at 13,995, down 47 points or 0.34% over Friday’s close. The mid-cap index declined 0.15%, the small-cap index lost 0.35% and the broad-based BSE 500 index shed 0.34%. Meanwhile, the S&P CNX Nifty ended at 4,223, down 22 points or 0.57%.

On the BSE, the market breadth was slightly negative, with 1362 stocks declining compared to 1227 stocks that gained. Capital goods, power, auto and IT dragged the indexes down, while FMCG and metal stocks bucked the declining trend.

Satyam Computers (down 4.69%), Jaiprakash Associates (down 3.84%), Maruti Suzuki (down 3.17%), Ranbaxy Laboratories (down 2.70%), Hindalco Industries (down 2.66%), Larsen & Toubro (down 2.60%), Tata Motors (down 1.8%), Reliance Infrastructure (down 1.70%), Sterlite Industries (down 1.63%), BHEL (down 1.57%), DLF India (down 1.41%), ONGC (down 1.35%), Reliance Communication (down 1.26%) and NTPC (down 0.7%) were the major decliners.

However, ACC, Tata Steel, ITC, Hindustan Unilever, Bharti Airtel, Grasim Industries, ICICI Bank, HDFC, Infosys and State Bank of India ended with notable gains.

Ahead of the expiry of September series derivatives contracts on Thursday, the roll over in Nifty futures till Friday (September 19) reportedly stood at 18%.

Stocks in News

In the metal space, Sesa Goa spurted 13.11%, Gujarat NRE Coke soared 7.23%, NMDC added 5.0%, Tata Steel gained 2.95%, Jindal Steel advanced 1.84% and JSW Steel ended up 0.19%.

FMCG stocks, Colgate Palmolive surged up 4.67%, Godrej Consumer Products added 2.28%, Dabur India gained 2.20%, ITC advanced 2.12%, Hindustan Unilever rose 1.69% and United Breweries ended up 0.28%.

Bharat Heavy Electricals declined 1.57% over reports that the company plans a Rs.1500 crore joint venture for forgings and castings business. Hindustan Zinc drifted down 0.34% after the company lowered lead price to match global rates, even as it left the price of zinc unchanged. The price of lead was reduced by 1.9%, to Rs. 97,100 a metric ton.

Jindal Steel and Power rose 1.84% following reports that the company will float a wholly owned subsidiary company to look after the domestic and overseas oil and natural gas operations of the company. Pantaloon Retail India lost 2.05% after the company posted nearly 75% growth in its net profit for the fourth quarter ended June compared to the same quarter last year.

NIIT Technologies added 1.17% after the company secured a global sourcing contract from American Safety Insurance Services. Nagarjuna Construction gained 0.69% after the company said A V S R Holdings, a company belonging to the promoters, has acquired six lakh shares or 0.26% of equity shares of the company from the open market.

Tata Steel spurted 2.95% over reports that the company’s subsidiary, TS Global Minerals Holdings, has bought a 7.3% stake in Riversdale Mining, which has a coking coal project in Mozambique.

Dolphin Offshore Enterprises ended up 3.81% after the company won two separate contracts worth $16 million for charter hire of its diving support vessels. Jaipan Industries ended up 4.99% after the company proposed to issues bonus shares to its shareholders. Tulip Telecom soared 13.36% after the company bagged new orders worth Rs.95 crore for supply and installation of network equipment across Madhya Pradesh.

Asian Markets

Markets across the Asia-Pacific region ended mostly higher. South Korea’s KOSPI Composite index finished up 0.31%, China’s Shanghai Composite index soared 7.77%, Hong Kong’s Hang Seng index added 1.58% and Japan’s Nikkei 225 index gained 1.42%.

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Posted in Categories: Eurozone, Japan, Releases, Stocks, USA.

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