Nifty ends below 6,300 levels on profit-booking

30 Dec 2013 Evaluate

Nifty after a positive opening plunged into the red terrain in early deals on Monday as investors remained on the sidelines ahead of April-November fiscal deficit reading, due on Tuesday, and the manufacturing Purchasing Managers’ Index (PMI) for December, due on Thursday, which will help them gain insights into the extent of the economic slowdown. However, losses remained capped after the CII Business Confidence Index (BCI) rose sharply to 54.9 during the October-December period of 2013-14 fiscal, from 45.7 in the previous quarter. Further, the Deputy Chairman of Planning Commission Montek Singh Ahluwalia underscored that the economic growth rate was expected to be at 7.5-8 percent next year.

Sentiments got weak on street in late morning, as the rupee depreciated in early trades tracking strength in dollar against other currencies in Asia. Meanwhile, public sector oil marketing companies (OMCs) like BPCL, HPCL and IOC remained under pressure on talks of increasing the subsidized cylinder cap for households. Telecom stocks witnessed mixed trend after the government delayed the planned mobile phone spectrum auction by 10 days from the original schedule.

However, in the noon trades, index recouped most of its early losses on account of some bargain buying activities, which got triggered at lower levels, after RBI in its eighth Financial Stability Report, painting an optimistic picture on the external front, underscored that the country was ready for the US Federal Reserve's tapering. The penultimate session of the Year ‘2013’ lacked the required fervor and ended with loss of quarter of a percent, below the crucial 6,300 levels. Despite some positive triggers from the home front, investors preferred unwinding their positions approaching the end of the tumultuous year.

Most of the NSE sectoral indices made a red closing; CNX Metal up by 0.65%, CNX MNC up by 0.33%, CNX Media up by 0.26%, CNX FMCG up by 0.26 and CNX Energy up by 0.08% were the top gainers on index. On the other hand, CNX Realty down by 1.66%, CNX PSU Bank down by 0.83%, CNX Bank down by 0.73%, CNX Auto down by 0.57% and CNX Infra down by 0.56%, were the top losers on index.

The India VIX increased by 2.86% at 15.08 as compared to its previous close of 14.66 on Friday. The 50-share CNX Nifty decreased by 22.70 points or 0.36% to settle at 6,291.10.

The respective Support and Resistance levels of Nifty are: Resistance 6332.38 -- Pivot Point 6302.77 - Support - 6261.48.

The Nifty Put Call Ratio (PCR) OI wise, stood at 0.90 for January month contract.

The top five scrips with highest PCR on OI were Jubilant Foodworks 1.84, Mcleodruss 1.67, Hexaware Technologies 1.63, IndusInd Bank 1.60 and Jindal Steel 1.05.

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