Nifty & Sensex Pull Back In Late Flourish.
According to analysts, the market is losing momentum and the benchmarks may consolidate around current levels in the near term.
The 50-share index ended at 6,114.55, up 10.25 points or 0.17 per cent. It touched a high of 6,133.75 and a low of 6,072.15 in trade today.
The Sensex closed at 20,189.81, up 42.17 points or 0.21 per cent. It touched a high of 20,254.03 and a low of 20,066.14 in trade today.
The S&P BSE Midcap Index was up 0.10 per cent and the S&P BSE Smallcap Index down 0.35 per cent.
The S&P BSE Auto Index was up 2.21 per cent, the S&P BSE FMCG Index was up 1.97 per cent and the S&P BSE Power Index gained 0.86 per cent.
The S&P BSE Realty Index was down 2.56 per cent, the S&P BSE Metal Index was 1.03 per cent lower and the S&P BSE Oil & Gas Index declined 0.95 per cent.
Mahindra & Mahindra (4.93 per cent), Tata Motors (3.69 per cent), ITC (3.60 per cent), Asian Paints (2.55 per cent) and Kotak Bank (2.41 per cent) were among the Nifty gainers.
Shares of M&M gained momentum after the company’s net profit for quarter ended March 2013 grew to Rs 889 crore, 1.7 per cent, as compared to a net profit of Rs 874 crore in the corresponding quarter last fiscal.
Total sales for the quarter increased to Rs 10,486 crore, up 11.7 per cent, from Rs 9,387 crore in the corresponding quarter last fiscal.
Tata Motors surged on the back of better than expected quarterly results. The operating performance from JLR offset soft performance at standalone business and other subsidiaries. Foreign brokerages have increased their target price on the stock following robust performance from JLR and hopes of recovery in commercial vehicles segment.
Cipla (4.72 per cent), Tata Steel(3.80 per cent), Jaiprakash Associates (3.47 per cent), Hindalco (3.36 per cent) and ICICI Bank (3.04 per cent) were among the top Nifty losers.
Cipla was under pressure after its reported net profit for quarter ended March 2013 was below analysts and street estimates. The pharma major reported 8.3 per cent Y-o-Y drop in its net profit to Rs 268 crore, weighed down by higher interest expenses.
Market breadth was negative on the NSE with 527 gainers against 741 losers.
Foreign institutional investors bought shares worth Rs 643.81 crore while domestic institutional investors sold equities worth Rs 308.12 crore on Wednesday as per the provisional data from the National Stock Exchange.
Source : The Economic Times