Friday, 12 February 2016

BACK HOME IN A BLOODY CARNAGE ON DALAL STREET

It looked like a happy ending for the week considering the bloodbath on Thursday 6976.35.  The Sensex ended up 34.29 points at 22986.12 and the Nifty was up 4.60 points at 6980.95. The market breadth also improved as three shares declined for every share advancing on the BSE. Healthcare major Apollo Hospitals Enterprise reported 14.96 percent rise in standalone net profit to Rs 109.23 crore for the December quarter. The weakness in market sentiment was attributed to a banking sector led global equity selloff and disappointing earnings back home. The scary bit was, however, the fact the benchmark indices breached multiple support levels, with the Nifty5 falling below its crucial psychological level of 6900 during intra-day trade. The first half of the trading session looked rather hopeless, with the Sensex falling some 351 points and Nifty50 shedding 155 points at one point after opening gains, things looked up in the afternoon session after the European markets opened in the green. The rupee is trading at 68.28, up 0.02%, from its previous close of 68. Indian stocks swung between gains and losses, with the benchmark gauge poised for its biggest weekly decline in more than six years after it entered a bear market on Thursday. Brent crude, a benchmark for international oils, gained $1.25 to $31.31 a barrel in London. It dropped 78 cents, or 2.5%, to $30.06 on Thursday.Bharat Heavy Electricals was the top loser among the Nifty stocks, the stock closed 13.13 per cent lower at Rs 104.55 after the state-run engineering giant posted a loss of Rs 1102 crore in the December quarter Some buying activity is seen in telecom sector, while oil and gas, realty, metal, capital goods, metals, banking and energy sectors are showing weakness on BSE.
US stock indices declined for a fifth successive session on Thursday, dragged lower by the ongoing global turmoil in the financial markets and lingering worries over falling oil prices.

2 comments:

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