Indian benchmarks ended the day flat amid weak global cues, with the BSE Sensex gaining marginally and the Nifty remaining below the 5900 mark. Increasing crude oil imports and a new growth forecast from Moody's indicate potential worsening of India's economic situation, along with a commitment from the government to adhere to fiscal deficit targets. Sectoral performance was mixed, with automobiles and capital goods performing well, while coal and metal sectors faced declines.

1. Choppy benchmarks end flat; Nifty fails 5900 test
Market Summary
24-Sep-2013
Continuing with the bear phase, Indian benchmarks started gap down amidst weak global cues. Sentiments turned
sanguine as Arvind Mayaram (Secretary, Department of Economic Affairs) said that deferment of US Fed tapering will
strengthen Rupee. Choppy Indices ended up in green. Among BSE sectorials, Capital Goods shined 1% followed by
Auto and metal was the top laggard.
On global front, US indices edged lower as Fed battles over budget deal. Asian indices also traded in negative terrain
as investors remained concerned about the debate on the US fiscal position. European indices traded marginally in
green.
Back home, India's crude oil import increased by 9.5% to Rs 347432 crore in the April-August period of the current
fiscal on account of sharp depreciation of the rupee against the US dollar. This will widen the Current Account Deficit,
a serious concern for the country. (Read More)
Reiterating commitment to meet the fiscal deficit target for the full year, the Government has said that it will not borrow
more than Rs 2.35 lakh crore in the second half of the current fiscal, as originally planned in the budget. The Reserve
Bank of India, in consultation with the government, has issued an indicative calendar for issuance of Government
dated securities (G-Secs) for the second half of the fiscal year 2013-14 totaling Rs 2,35,000 crore. (Read More)
Global rating agency Moody’s has also joined the brigade to lower the growth forecast for Indian economy. Moody’s
has lowered India's GDP growth forecast to 4.5% for 2013-14 from 5.5% projected earlier, on account of deteriorating
macro-economic indicators of the country and depreciating rupee. (Read More)
On stock specific front, Mahanagar Telephone Nigam (MTNL) rallied 10% on BSE as the company is likely to sign a
pact with BSNL to utilize each other’s network for providing pan-India mobile services. (Read More)
Coal India plunged 2.56% on BSE as Greenpeace India accused the company of violating Indian Stock Exchange rules
misleading its investors by understating its extractable coal reserves by 16% at the time of its 2010 listing.
T he market breadth on the BSE closed in negative. Advancing and declining stocks were 1178 and 1198
respectively, while 160 scrips remained unmoved.
The S&P BSE Sensex ended at 19920.21, up 19.25 points or 0.10%. The 30 share index touched a high and a low of
20050.42 and 19782.78 respectively. 14 stocks advanced against 16 declining ones on the benchmark index.
The CNX Nifty gained 2.70 points or 0.05% to settle at 5892.45. The index touched high and low of 5938.40 and
5854.55 respectively. 22 stocks advanced against 28 declining ones on the index.
S&P BSE Sensex CNX Nifty
The S&P BSE Mid-cap index moved up to 5609.63 and gained 0.08% while S&P BSE Small-cap index hammered
down by 0.02% to 5452.51.
The broader S&P BSE 500 index increased to 7161.62 (up 0.02%) and CNX 500 index rose to 4484.10 (up 0.05%).
The volatility as denoted by INDIA VIX lost 1.11% at 26.72 from its previous close of 27.02 on Monday.
Sectors in action
On the BSE Sectorial front, Automobile (up 1.05%), Capital Goods (up 1.05%) and Power (up 0.78%) were the top
gainers.
Metals (down 1.00%), Information Technology (down 0.46%) and Oil & Gas (down 0.38%) were the top losers.
The Angels and the Devils
Bajaj Auto Ltd (up 2.73%), Tata Power Company Ltd (up 2.15%), Larsen And Toubro Ltd (up 1.82%), NTPC Ltd (up
1.72%) and Housing Development Finance Corporation Ltd (up 1.66%) were the top gainers on the Sensex.
Hindalco Industries Ltd (down 3.65%), Coal India Ltd (down 2.56%), Jindal Steel and Power Ltd (down 1.98%), Bharti

2. Hindalco Industries Ltd (down 3.65%), Coal India Ltd (down 2.56%), Jindal Steel and Power Ltd (down 1.98%), Bharti
Airtel Ltd (down 1.51%) and Wipro Ltd (down 1.14%) were the top losers on the Sensex.
Benchmark Drivers
Housing Development Finance Corporation Ltd (22.66 points), Larsen And Toubro Ltd (14.60 points), Tata
Consultancy Services Ltd (-10.69 points), Bajaj Auto Ltd (9.30 points) and Bharti Airtel Ltd (-8.41 points) were the
major Sensex drivers today.
On the other end Housing Development Finance Corporation Ltd (5.34 points), Larsen And Toubro Ltd (3.69 points),
Tata Consultancy Services Ltd (-2.75 points), Bajaj Auto Ltd (2.28 points) and Bharti Airtel Ltd (-2.04 points) were the
major Nifty movers today.
Pivot, Supports and Resistance Levels
CNX Nifty is now pivoted at 5895 for next session. The next support is at 5852 and on upside it has a resistance at
5936 levels.
CNX Nifty
Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close
25-Sep-2013 5768 5811 5852 5895 5936 5979 6020 -
24-Sep-2013 5726 5799 5844 5917 5962 6035 6080 5892.45
23-Sep-2013 5722 5827 5920 6025 6118 6223 6316 5889.75
S&P BSE Sensex has a pivot at 19918 with first level of support and resistance at 19785 and 20053 respectively.
S&P BSE Sensex
Eff. Date S 3 S 2 S 1 PIVOT R 1 R 2 R 3 Actual Close
25-Sep-2013 19518 19650 19785 19918 20053 20185 20320 -
24-Sep-2013 19378 19602 19752 19976 20125 20349 20499 19920.21
23-Sep-2013 19358 19704 19984 20331 20611 20958 21237 19900.96
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