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Market Wrap Up
Nov 18, 2010
Volatility was the order of the day as the key benchmark indices oscillated between the positive and negative zones. Gains in
European stocks in early trade, aided recovery on the domestic bourses. On the global front, investors are watching Spain's
bond auction later in the day. A poor outcome could cause concerns over euro-zone's debt to flare up. Spain will auction 3
billion-4 billion Euros of long- and ultra-long government bonds maturing October 2020 and July 2041, respectively.
The market breadth was weak. Mid and small-cap stocks witnessed selling pressure. Metal stocks rose. But, realty and banking
stocks fell. Index heavyweight Reliance Industries ended flat.
The food price index drops sharply by 200bps to 10.30% while the fuel price index slowed to 10.57% in the year to 6 November
2010. In the prior week, annual food and fuel inflation stood at 12.30% and 10.67% respectively. The primary articles price index
was at 13.30% in the latest week compared with an annual rise of 14.87% a week earlier.
The BSE 30-share Sensex was up 66 points or +0.33% at 19931 while NSE 50-share Nifty ended the day at 5998 up 10 points or
+0.17%.
Stocks Performance
Banking stocks: Indusind Bank (-3%), Yes bank (-2.6%), BOB (-1.3%)
Bank stocks fell on concerns over their exposure to the microfinance institutions.
Metal stocks: Bhushan Steel (+4.3%), JSW Steel (+3.5%), Tata Steel (+3%)
Metal stocks rose as LMEX, a gauge of six metals traded on the London Metal Exchange
rose 0.93%
Telecom stocks: RCOM (-4.9%), TTML (-1.9%)
Selected telecom stocks were under pressure after the indictment of telecom
companies by CAG.
Top 3 Sensex Gainers:
Hero Honda (+5.5%),
Hindalco (+4.9%),
Cipla (+4.4%)
Top 3 Sensex Losers:
RCOM (-4.9%),
ICICI Bank (-3.2%),
Jindal Steel (-1.7%)
Top 3 Sectoral Indices:
METAL (+1.9%),
AUTO (+1.4%),
HC (+1%)