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Sensex loses 72 points in a volatile trade

October 5th, 2011

The Indian stock markets witnessed a volatile session today. The markets had an upward bias till noon but changed course post the opening of the European markets. A last minute recovery attempt too got foiled leaving no way but to close in the red.

Earlier, yesterday, a last hour recovery has helped the US markets (on Oct 4) to report a positive closing. The Dow closed at 10,808.71 points and is up 1.44%. The NASDAQ and S&P500 closed up 2.95% and 2.25% respectively indicating a not so gloomy situation. Shares of Apple sided down after the Wall Street reacted to the market reactions that the new iPhone isn’t that successful. Earlier (Oct 4) bled heavily. The FTSE 100, DAX and CAC 40 are all over 2.5% down.

The Asian markets that opened this morning (Oct 5) too witnessed volatile sessions. The European markets however opened (for Oct 5) in the green.

The SENSEX dipped down by 72.45 points and closed at 15792.41 down 0.46%. The NIFTY closed trade at 4751.30 losing 20.85 points or 0.44%. The CNX Midcap closed at 6823.50 losing 53.30 points or 0.78% in trade today while the BSE Smallcap is marginally in the red at 6644.90 or down 60.03 (0.9%).

Top losers of the day include SBI, Hindalco (down over 3% each), BHEL, Kotak Mahindra, ICICI Bank, Jindal Steel, HDFC Bank, Rel Capital and Maruti Suzuki (down over 2% each).

Leading gainers of the day include Jaiprakash Asso (up 4%), DLF and Dr Reddys Labs (up 2% each), Sun Pharma, Reliance Comm, Tata Power, Reliance Power, IDFC and ITC (up 1% each).

EPC company Punj Lloyd (BSE: 532693; NSE: PUNJLLOYD; ISIN: INE701B01021) is in news today for getting a contract from Qatar Co. for which Punj will set up 8,000 tn/yr polysilicon plant in Qatar. PL was always good at getting orders but its problems are mostly on the execution side. The stock has corrected heavily in the last 2 years or so. The script closed at Rs. 52.95 today gaining Rs. 0.55 (1.05%)  with a volume of 4.34m shares traded.

Tata Chemicals (BSE: 500770; NSE: TATACHEM; ISIN: INE092A01019) is in news today that Reliance Industries will suspend gas supply to 4 fertiliser plants in Gujarat starting Thursday. The companies that will be affected are IFFCO, KRIBHCO, Shyam Fertilisers, Tata Chem. Tata Chemicals closed at Rs. 295.00 losing Rs. 6.60 (-2.19%)  with a volume of 575.36k shares traded.

Rolta corrected 9.17% today after news came out that the promoters pledge stands at 5% from 4.5% earlier. The script closed at Rs. 70.30 down Rs. 7.10.

Moody’s has reaffirmed the C- rating for ICICI Bank. The script closed at Rs. 779.25 down 2.71%.

Credit Suisse has given a NEUTRAL rating to ICICI Bank in its report dated 30 Sep 2011. They profitability of the bank is likely to show some pressure starting Q2. The stock has a target of Rs. 934.

Entry Filed under: Equity Markets, Banks & NBFC, Closing Bell, Chemicals