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Sensex dips to 16.8k levels

August 9th, 2011

The Indian stock markets managed to close the day marginally low compared to the choppy sessions witnessed in the US and the Asian markets yesterday.

The Dow Jones and Nasdaq have lost 634 and 174 points respectively yesterday night and the stock in the Asian stock markets isn’t that different. The Hang Seng lost 1159 points today making it the biggest global loser today. The index is now below the 20k levels and closed at 19330. The Straits Times and Nikkei 225 too have lost a little ground. Taiwan Index, KOSPI and Shangai Composite are relative better placed though they too closed in the red.

The Indian stock markets got a bit of relief from further downfall, thanks largely to the European markets that have witnessed some signs of hope. The FTSE and CAC are in the green after many chooppy sessions by the time the Indian markets have closed. Experts believe the markets have factored all the negative points and are now waiting for the FOMC meeting and take a direction based on its outcome.

The SENSEX closed at 16857.91 cutting its losses to 132.27 (-0.78%). The NIFTY closed at 5072.85 down 45.65 (-0.89%). The CNX Midcap closed at 7509.95 down 83.90 (-1.1%) while the BSE Smallcap is at 7484.57 by closing tme down 156.51 (-2.05%).

CNX IT, CNX Pharma are the two largest sectoral loser on the NSE today. Both have shed 3.5% and 3% respectively. The FMCG index is the only sectoral index to have closed in the green on the NSE today.

Top losers of the day again came from the ADAG pack. Reliance Power, Reliance Infra are down over 6% each. Reliance Communications is back at Rs. 83 levels and is down 5% today.Tata Steel and Dr Reddy lost over 4%. Tata Steel was back at Rs. 486 questioning if this is the right level to enter into the script again for medium to long term gains.

The gainers pack was led by M&M as the script tested the Rs. 700 mark. It closed at Rs. 699.80 up 4.72%. Ambuja Cements is again testing the Rs. 130 levels and is up 3.28% today. Other gainers include DLF, Grasim, JP Associate amongst others.

Mahindra Satyam (BSE: 500376; NSE: SATYAMCOMP; ISIN: INE275A01028) announced its Q1 numbers today. Its PAT is at Rs. 225 Crores. Margin at 14.6% up 168 bps, from 13.0% in Q4 FY11. Total headcount at 31,438 as of June 30, 2011, a net addition of 2,172 for the quarter. Satyam that closed the previous day at 74.30 opened the day at 70.10, touched an intra-day high of Rs. 73.85 and closed at 71.1.

Entry Filed under: Equity Markets, IT & ITes, Closing Bell