Sensex down 45 points; Nifty ends below 6000

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Markets dropped to close in the red on Monday. The Sensex shed 44.73 points to close at 20,028.93. The Nifty also fell 13.5 points to end the day below the 6,000-mark, at 5,998.10.
Metal and realty indices led the drop in the market, falling by 1.24 per cent and 0.84 per cent, respectively. Auto, tech, oil & gas and power indices fell between 0.2 per cent and 0.4 per cent.

Top contributors to the fall on the BSE are Reliance Communication (-3.56 per cent), Sterlite Industries (-3.14 per cent), Reliance Infra (-2.55 per cent), Bharti Airtel (-2.04 per cent) and Tata Steel (-1.38 per cent).

Consumer durables, healthcare and IT indices closed the day in the positive territory. While consumer index closed the day 0.23 per cent higher, healthcare and IT indices rose 0.61 and 0.25 per cent, respectively.

Sugar stocks sustained gains throughout the trading session after the ban on futures trading was lifted after 19 months. The government has imposed ban on sugar futures trading in May last year as production dropped and prices soared. Balrampur Chini closed 2.69 per cent higher, Bajaj Hindustan was up 1.78 per cent and Dalmia Bharat Sugar jumped 0.5 per cent on the BSE.

Stocks that moved on the news flow include Venus Remedies, Shriram EPC and Spice Mobility. While drug firm Venus Remedies rose 1.82 per cent after it received patent grants for its antibiotic drug Sulbactomax, Shriram EPC jumped 11.16 per cent on the back of fundamentals of Oriental Green, in which the company holds about 36 per cent and Spice Mobility rose 5.08 per cent on the BSE after it acquired Kimman Export for Rs. 45.51 crore.

“The action on the markets is likely to remain muted this week in absence of any major trigger. Going forward, there would only stock-specific movements,” said Rohit Midha, market strategist at Atlas Capital Market.

On the BSE, 16 stocks declined while 13 advanced on Monday. On the broader market, mid-cap stocks fell by 0.21 while small-cap scrips rose by the same margin.

“The Nifty can move up to a maximum of 6,100. But the market is going through a corrective phase. Banking stocks is likely to take a hit. The construction space will also see some selling pressure,” said Kotak Securities technical analyst Shrikant Chouhan.

Asian markets had a mixed day on the back of China’s decision to raise key rates. While Nikkei and Jakarta SE Index rose by 0.75 per cent and 0.38 per cent, respectively, Hang Seng and Kospi fell by 0.3 per cent and 0.37 per cent, respectively.

European markets also had a mixed opening. While Britain’s FTSE opened 0.21 higher, France’s CAC 40 was trading 1.07 per cent lower at 4 pm.

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This post was submitted by Mudit Agrawal.

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