Benchmarks add losses; Auto, IT drags

Benchmarks added losses to continue their weak trade in the late afternoon session on account of selling in frontline blue chip counters. Investors have started taking cautious approach ahead the general elections scheduled to start next week. Traders were seen piling positions in Realty, Consumer Durables and Metal stocks while selling was witnessed in Auto, IT and TECK sector stocks. In scrip specific development, hectic buying activity was witnessed in sugar companies like Bajaj Hindusthan, Balrampur Chini, Sakthi Sugars and Shree Renuka Sugar as sugar prices are on a rise. Sugar prices have increased even in global markets as sugar production in Brazil is feared to fall due to a drought. Unitech was trading firm as the company and its real estate investment unit have been approached separately to sell their stakes in half a dozen industrial enclaves and information technology parks which are valued at Rs 3,500-4,000 crore.

On the global front, most of the Asian markets were trading in red, while the European markets were trading on optimistic note. Back home, the NSE Nifty and BSE Sensex were trading below their psychological 6,750 and 22,400 levels respectively. The market breadth on BSE was positive in the ratio of 1557:1057 while 138 scrips remained unchanged.

The BSE Sensex is currently trading at 22381.80, down by 127.27 points or 0.57% after trading in a range of 22,525.21 and 22369.20. There were 8 stocks advancing against 22 stocks declining on the index.

The broader indices edged higher; the BSE Mid cap index was up by 0.59%, while Small cap index was up by 0.95%.

The gaining sectoral indices on the BSE were Realty up by 2.96%, Consumer Durables up by 0.64%, Metal up by 0.44%, PSU up by 0.11% and HealthCare up by 0.07%. While, Auto down by 0.70%, IT down by 0.68%, TECK down by 0.65%, FMCG down by 0.62% and Capital Goods down by 0.60% were the losing indices on BSE.   

The top gainers on the Sensex were Cipla up by 2.15%, Tata Steel up by 0.94%, Coal India up by 0.93%, Hindalco Industries up by 0.33% and SBI up by 0.26%. On the flip side, BHEL down by 2.03%, NTPC down by 1.95%, Bharti Airtel down by 1.55%, Gail India down by 1.43%, and Sun Pharma down by 1.05%.

Meanwhile, according to RBI’s fortnightly data, bank deposits grew by 14.64 per cent year-on-year to Rs 7,739,387 crore as on March 21, higher than credit which grew by 14.31 per cent year-on-year at Rs 6,013,085 crore in the same period against Rs 5,260,459 crore in the same period last year.

Deposits at commercial banks stood at Rs 6,750,454 crore during the same period last year. This growth is more or less in line with the RBI's estimate of the credit and deposits growth of 15% and 14% respectively for the current fiscal, 2013-14.

Meanwhile, out of the total deposits, the Time deposits grew by 15.28 percent at Rs 7,018,585 crore as against Rs 6,088,155 crore in the same period last year, while Demand deposits rose 8.83 percent to Rs 7,20,800 crore from Rs 6,62,299 crore in the year ago period.

The CNX Nifty is currently trading at 6,706.25, down by 29.85 points or 0.44% after trading in a range of 6,741.85 and 6,696.80. There were 21 stocks advancing against 29 declining on the index.

The top gainers of the Nifty were DLF up by 2.74%, BPCL up by 2.34%, Cipla up by 2.18%, Tata Steel up by 1.24% and ACC up by 1.15%. On the flip side, NTPC down by 2.15%, BHEL down by 2.05%, Power Grid down by 1.70%, Gail India down by 1.70% and HCL Tech down by 1.53% were the major losers on the index.

Asian equity indices were trading in red; Jakarta Composite down by 1.04%, Hang Seng down by 0.26%, Nikkei 225 down by 0.05% and Straits Times was down by 0.34% while, Shanghai Composite was up by 0.74% and KLSE Composite up 0.11%.

The European markets were trading in green; France’s CAC 40 was up 0.17%, Germany’s DAX added 0.20% and UK’s FTSE 100 gained 0.38%.