Markets closed mixed on Jan 3 with the benchmark index at 20,345 making a loss of 0.59 per cent or 120 points. In the broader markets, Nifty also closed in the red zone by 0.01 per cent. The 50-share index closed at 6,179 levels. The index touched an all time high of 6,230 levels in the intra-day trade. While buying emerged in oil & gas counters, selling was visible in real estate, banking and IT stocks.
Power stocks are risky as huge IPOs are coming in next few weeks. The returns won''t be higher than 16 per cent in these counters. Power is in demand in India but at the current moment, they look stretched. Oil counters have moved up in expectation of an announcement that the fuel prices will be hiked. Though fundamentally it is justified but as of now, expectation is the only reason for the momentum in these counters, said IV Subramanium, Director, Quantum AMC. The Asian markets closed weak Thursday on the back of oil prices crossing $100 per barrel and a recession in the US economy. Hong Kong''s Hang Seng was the biggest loser making a loss of 2.44 per cent. Japan''s Nikkei also closed in the negative territory making a loss of 1.65 per cent. Reliance Energy, NTPC, ONGC, Reliance Industries and Hindustan Unilever led the positive sentiment in the BSE-30 pack. The stocks registered gains of over 1.44 per cent each.
However, heavyweights in this pack like Wipro, ITC Ltd, ICICI Bank, TCS and Grasim Industries lost ground making a loss of over 2.25 per cent each.Among the NSE-50 scrips, Cairn India, Tata Power Company, BPCL, Suzlon Energy and Hero Honda Motors were some of the key gainers; they firmed up by over 1.61 per cent each. However, Sun Pharma, VSNL, Dr Reddy''s Laboratories, SAIL and Mahindra & Mahindra were some of the key draggers in the broader index. The stocks slipped into red by over 3.51 per cent each.
Power stocks are risky as huge IPOs are coming in next few weeks. The returns won''t be higher than 16 per cent in these counters. Power is in demand in India but at the current moment, they look stretched. Oil counters have moved up in expectation of an announcement that the fuel prices will be hiked. Though fundamentally it is justified but as of now, expectation is the only reason for the momentum in these counters, said IV Subramanium, Director, Quantum AMC. The Asian markets closed weak Thursday on the back of oil prices crossing $100 per barrel and a recession in the US economy. Hong Kong''s Hang Seng was the biggest loser making a loss of 2.44 per cent. Japan''s Nikkei also closed in the negative territory making a loss of 1.65 per cent. Reliance Energy, NTPC, ONGC, Reliance Industries and Hindustan Unilever led the positive sentiment in the BSE-30 pack. The stocks registered gains of over 1.44 per cent each.
However, heavyweights in this pack like Wipro, ITC Ltd, ICICI Bank, TCS and Grasim Industries lost ground making a loss of over 2.25 per cent each.Among the NSE-50 scrips, Cairn India, Tata Power Company, BPCL, Suzlon Energy and Hero Honda Motors were some of the key gainers; they firmed up by over 1.61 per cent each. However, Sun Pharma, VSNL, Dr Reddy''s Laboratories, SAIL and Mahindra & Mahindra were some of the key draggers in the broader index. The stocks slipped into red by over 3.51 per cent each.
No comments:
Post a Comment