Sensex slumps 275 points as Iraq main oil refinery shuts

1. Sensex slumps 275 points as Iraq main oil refinery shuts
Market Snapshot | 18-06-2014 04:35 PM
Indian indices started flat and continued to hold their neck above the water. After crawling near the previous close till
noon trades, benchmarks lost their cool and tanked over 1% tracing the reports of shut down of Iraq’s biggest refinery
due to persistent tensions. Sensex tumbled 275 points and Nifty settled at 7558. On BSE sectorial front, Consumer
Durables was the top laggard.
Among global peers, US markets traded marginally higher shrugging off all the pessimism on macro front. On the flip
side, Asian indices traded mixed amidst cautiousness ahead of the outcome of the US Federal Reserve's two-day
policy meeting that ends later in the day. European markets were trading in green terrain at this point of time.
Back home, on currency front, Rupee resumed its southbound journey against Dollar amidst strength of dollar in the
overseas market. In futures trades, INR hit an intra-day high of 60.19/USD and an intra-day low of 60.62/USD. In spot
trades, INR hit an intra-day high of 60.05/USD and an intra-day low of 60.45/USD. As per RBI reference rates, INR
stood at 60.12/USD.
On commodities front, the yellow metal slid further amidst cautiousness in the market. In futures trades of August
expiry, Gold marked intra-day high at Rs 26886 per 10 grams and an intra-day low at Rs 26690 per 10 grams.
On stock-specific front, railway stocks rallied over 9% in the otherwise negative market on the reports of
recommendation of hiking rail fares by Sadananda Gowda, Railway Minister. The decision may be taken after the
meeting between railway minister and prime minister.
Kotak Mahindra Bank spurted 2.2% to hit fresh 52 week high at Rs 971.8 on BSE on plans to raise the foreign
institutional investor (FII), foreign portfolio investor (FPI) and qualified foreign investor (QFI) limit to 40% of the paid-up
equity capital of the bank.
State owned telecom firm, Mahanagar Telephone Nigam Ltd (MTNL) spiked 9% to mark fresh 52 week high at Rs 35
on BSE on reports that Government is considering revival measures for the company. The company is also in news for
adding 11702 mobile subscribers in May, 2014. Consequently, the count of total subscribers stands at 32.60 lakh.
Pharmaceutical major, Cipla jumped 3% on BSE after company’s wholly owned subsidiary, Cipla (Mauritius) signed a
definitive agreement with Sri Lankan distributor for acquisition of 60% stake in a new company to market the
company’s products in Sri Lanka.
T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1483 and 1677
respectively, while 115 scrips remained unmoved.
The S&P BSE Sensex ended at 25246.25, down 274.94 points or 1.08%. The 30 share index touched a high and a
low of 25609.28 and 25114.30 respectively. 7 stocks advanced against 23 declining ones on the benchmark index.
The CNX Nifty lost 73.50 points or 0.96% to settle at 7558.20. The index touched high and low of 7663.00 and
7515.50 respectively. 13 stocks advanced against 37 declining ones on the index.
S&P BSE Sensex CNX Nifty
The S&P BSE Mid-cap index moved down to 9035.25 and lost 0.73% while S&P BSE Small-cap index hammered
down by 0.28% to 9873.64.
The broader S&P BSE 500 index decreased to 9656.27 (down 0.90%) and CNX 500 index declined to 6084.85 (down
0.89%).
The volatility as denoted by INDIA VIX gained 4.97% at 18.58 from its previous close of 17.70 on Tuesday.
Sectors in action
On the BSE Sectorial front, Healthcare (up 0.06%) was the only gainer.
Real Estate (down 2.10%), Consumer Durables (down 1.59%) and Power (down 1.51%) were the top losers.

2. The Angels and the Devils
Cipla Ltd (up 2.98%), Hindalco Industries Ltd (up 2.74%), GAIL (India) Ltd (up 1.55%), Maruti Suzuki India Ltd (up
0.83%) and Dr. Reddys Laboratories Ltd (up 0.60%) were the top gainers on the Sensex.
Bharat Heavy Electricals Ltd (down 3.21%), Tata Consultancy Services Ltd (down 2.43%), NTPC Ltd (down 2.26%),
Reliance Industries Ltd (down 2.12%) and Tata Motors Ltd (down 2.08%) were the top losers on the Sensex.
Benchmark Drivers
Reliance Industries Ltd (-47.63 points), ICICI Bank (-38.45 points), Tata Consultancy Services Ltd (-37.76 points),
HDFC Bank (-27.72 points) and ITC Ltd (-20.99 points) were the major Sensex drivers today.
On the other end Reliance Industries Ltd (-12.43 points), ICICI Bank (-9.70 points), Tata Consultancy Services Ltd (-
9.31 points), HDFC Bank (-6.74 points) and ITC Ltd (-5.18 points) were the major Nifty movers today.
Pivot, Supports and Resistance Levels
CNX Nifty is now pivoted at 7579 for next session. The next support is at 7495 and on upside it has a resistance at
7642 levels.
CNX NiftyCNX Nifty
Eff. DateEff. Date S 3S 3 S 2S 2 S 1S 1 PIVOTPIVOT R 1R 1 R 2R 2 R 3R 3 Actual CloseActual Close
19-Jun-2014 7347 7431 7495 7579 7642 7726 7790 -
18-Jun-2014 7420 7464 7548 7593 7676 7721 7805 7558.20
17-Jun-2014 7437 7462 7498 7523 7559 7584 7620 7631.70
S&P BSE Sensex has a pivot at 25323 with first level of support and resistance at 25037 and 25532 respectively.
S&P BSE SensexS&P BSE Sensex
Eff. DateEff. Date S 3S 3 S 2S 2 S 1S 1 PIVOTPIVOT R 1R 1 R 2R 2 R 3R 3 Actual CloseActual Close
19-Jun-2014 24542 24828 25037 25323 25532 25818 26027 -
18-Jun-2014 24794 24949 25235 25391 25677 25832 26118 25246.25
17-Jun-2014 24876 24970 25080 25174 25285 25379 25489 25521.19
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