Sensex was down 114 points at 19724; loses 480 points from days high while Nifty was down 34.2 points at 5866; loses 146 points from days high after hitting 6000. Telecom (GSM players) stocks hit the most as govt accepts tougher spectrum allocation norms.
Fed cut does not cheer market as Fed signaled reluctance to lower borrowing cost further. Nifty hits 6,000 mark for 1st time ever; slipped from days high on account of profit booking. Sensex was down 114 points at 19724; loses 480 points from days high while Nifty was down 34.2 points at 5866; loses 146 points from days high after hitting 6000. Telecom (GSM players) stocks hit the most as govt accepts tougher spectrum allocation norms. VSNL was down 6.8%, Bharti was down 6.6% and MTNL was down 6.2%. Non-GSM player like Reliance Communication set to get benefit and the stock was up 2.3%. Standalone & upstream refineries gain as crude surges beyond $ 95/bbl; though slipped from days high. ONGC was up 6.5% and RPL was up 6%. NSE Advance Decline ratio stood at 1:2. Total market turnover was at Rs 1.39 lakh crore and FNO turnover was at 99734 crore Vs 71090 crore yesterday.
F&O Snapshot
Nifty futures basis was at 30 points discount; added 32 lakh shares. Profit booking/Unwinding was seen in late trade after positive opening gap. RPL, RNRL, Reliance Communication saw addition of open interest along with rise in prices. REL, RIL, Reliance Capital witnessed fresh shorts. Select Oil & Gas, Capital Goods and Banks saw a mix of short covering and fresh longs. Fertilizer, Infrastructure and construction stocks witnessed unwinding. Auto stocks continued to see fresh shorts. Liquid stocks Nagarjuna Fertilizers, IFCI, TTML, JP Hydro witnessed profit booking.
Massive Turnover:
Nifty:19,431 crore
RPL: 13,160 crore (Highest ever turnover for a stock future)
RNRL: 8,238 crore
R Comm: 5,105 crore
Telecom Stocks:
MTNL down 7.3%; cut 7.8 lakh shares in OI
Bharti down 6.5%; added 14.5 lakh shares in OI
VSNL down 7.5%; added 20,000 shares in OI
Reliance Communication up 1.7%; cut 7.5 lakh shares in OI
Major unwinding seen in:
Nagarjuna Fertilizer: down 8%; cut 79 lakh shares
IFCI: down 6.5%; cut 60 lakh shares
JP Hydro: down 7.3%; cut 31 lakh shares
Misc: IDBI, Ashok Leyland, DLF, NIIT Tech, HCC, JP Hydro, Hindalco
Fresh Shorts:
Bharti Airtel: Down 6.5%; added 14.5 lakh shares
HUL: Down 7%; added 13.92 lakh shares
Misc: RIL, Arvind Mills, Reliance Capital, ITC, TTML
Fresh Longs:
Cairn: Up 4.6%, added 16.6 lakh shares in OI
RPL : Up 4.5%, added 2.14 crore shares in OI
Banks: Bank of India, ICICI Bank, HDFC Bank, Yes Bank
Short Covering:
RNRL: Up 8.2%, Sheds 18.23 lakh shares
Reliance Comm: Up 1.7%; Sheds 7.44 lakh shares
PNB: Up 1.2%; Sheds 4.6 lakh shares
Commodities: Oil touched an all time high of $ 96.6/b; trading above $ 95/b due to decreased US crude stockpiles. Gold recorded a 27 year high; touched $ 800/ounce on the back of declining greenback after Fed rate cut.
News Driven Stocks:
M&M Finance: 51 lakh shares (6% Eq) change hands on NSE at Rs 235/sh
Wheels India: plans Rs 100 crore expansion, to ramp up capacity to 10 mn wheels
Vaibhav Gems: Nalanda Capital picked up 14.9%
IFCI: Natixis withdraws, Blackstone may withdraw from IFCI stake sale
Patni: stake sale called off over valuation & management control differences
Currency movement:
Rupee was at 39.32, depreciated by 1 bps
Yen was at 115.69, depreciated by 31 bps
Global Markets:
Jakarta was up 2.3%, Nikkei was up 0.8%, Taiwan was down 1.2% and Shanghai was down 0.7%.
