Markets end flat after hitting new all-time high

By PTI
10 June, 2014

In a Volatile trade today, the benchmark S&P BSE Sensex came off from its life-time intra-day high logged in morning trade, but survived to land in positive terrain at 25,583.69 -attaining closing peak for the fourth straight session.

Tracking firm Asian trends, the sensex resumed strong and immediately improved further to a high of 25,711.11 -a new historic intra-day high. Sustained buying by foreign funds and retail investors after Narendra Modi-led government yesterday promised investor-friendly reforms and measures to revive country’s economic growth.

But it succumbed to selling pressure in mid-morning deals to a low of 25,347.33 on fears over the below normal monsoon for the year 2014. The India Meteorological Department (IMD) yesterday said that rainfall over the country as a whole for 2014 soughwest monson is likely below normal.

It later recovered gradually to settle at 25,583.69, a mere gain of 3.48 points or 0.01 pct.

Similarly, the 50-issue CNX Nifty of the NSE also edged up by 1.80 points or 0.02 pct to register its an all-time high of 7,656.40. It hit an intra-trade life-time high of 7,683.20.

Shares from consumer durable, IT, teck and pharma sectors closed with gains while from realty, refinery, capital goods, power and metal finished with losses.

Sensex-based counters like Infosys, TCS, Wipro, HDFC, Tata Motors, Sun Pharma, Cipla, Bharti Airtel, Dr Reddy’s Lab, HUL Coal India and Maruti Suzuki were in demand while ONGC, SBI, L&T, Tata Steel, Axis Bank, SSLT, RIL, Hero MotoCorp and BEL suffered losses.

Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 536.68 crore yesterday, as per provisional data from the stock exchanges.

Asian stocks ended mixed with upward bias.

Key benchmark indices in China, Hong Kong, South Korea and Taiwan closed with gains while from Singapore and Japan settled with losses.

Barring UK, other major European markets were trading firm in their late morning deals. The CAC was up by 0.11 pct and DAX by 0.13 pct.

The next trigger for the market will be the Union Budget for 2014-15 and on the macro front, announcement of IIP data and CPI for rural and urban India on June 12 as also WPI on June 16, a broker said.

Back home, 14 out of 30 Sensex-based counters ended in the green while others concluded in the red. Cipla was the top gainer with a rise of 2.76 pct followed by Infosys 2.73 pct, Wipro 2.73 pct, TCS 1.98 pct, Coal India 1.78 pct, Dr Reddy’s Lab 1.72 pct, Bharti Airtel 1.32 pct, Maruti Suzuki 1.27 pct, Sun Pharma 1.25 pct, HUL 1.06 pct and Tata Motors 0.87 pct.

However, BHEL dropped by 2.87 pct, ONGC 2.74 pct, Tata Steel 2.60 pct, Hero MotoCorp 2.32 pct, SSLT 2.29 pct, Axis Bank 1.56 pct, SBI 1.43 pct, NTPC 1.30 pct, Tata Power 1.06 pct and L&T 0.87 pct.

From the S&P BSE sectoral indices, CD firmed up by 3.55 pct, IT 2.32 pct, Teck 1.98 pct and HC 1.97 pct while Realty fell by 2.96 pct, Oil&Gas 0.96 pct, CG 0.90 pct, Power 0.86 pct and Metal 0.85 pct.

Total market breadth remained positive as 1,834 stocks closed with gains while 1,272 ended with losses. Total market turnover declined further to Rs 4,696.17 crore from Rs 4,884.72 crore yesterday.


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Markets end flat after hitting new all-time high

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