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Nifty below 6150 on sell-off in tech, banks

 

At 10:13 hours IST - profit booking continued in equity benchmarks - the Nifty slipped below 6150 level on the back of sell-off in technology, financial, auto and cement companies' shares along with Bharti Airtel, ITC and Sun Pharma.However, buying in NTPC, HUL, Reliance Industries, Sesa Goa, HDFC, Dr Reddys Labs, M&M, Reliance Communications, Suzlon, Cipla, Ranbaxy Labs and Reliance Infrastructure limited the losses. Technology companies' shares were the real draggers post Infosys numbers. IT bellwether Infosys has reported strong growth in net profit at 16.7% on QoQ basis but no major change in rupee guidance by company due to rupee appreciation disappointed the street a bit. Apart from that the stock already factored in numbers as it rallied 9% in last one month along with other major IT players. TCS, Infosys and Wipro fell 1.5-2.5% while HCL Tech was down just 0.5%. Another sector - banking was also putting pressure on markets post fall in financials' shares in US on Thursday. ICICI Bank and Axis Bank fell 1.4-1.7%. SBI, HDFC Bank, Kotak Mahindra Bank, PNB and IDFC fell 0.5-0.9%.
 
The Sensex was trading at 20381, down 116 points and the Nifty was at 6135, down 42 points. However, the Nifty October futures were trading at 21 points premium.Bedmutha Industries, Parenteral Drug (in block deal - 22 lakh shares changed hands at average price of Rs 305/share), Infosys (post numbers), Orissa Minerals, YES Bank, Tata Steel, TCS and Chambal Fertilier were the most active shares on exchanges.In midcap space, Rashtriya Chemical, Indiabulls Real, Shree Global, GNFC and Coromandel Intl were up 2.9-3.6% while Infotech Enterprise, Gujarat Pipavav, Apollo Hospital, Motilal Oswal and United Bank lost 2.2-7%.In smallcap space, Websol Energy, India Glycols, Sanwaria Agro, Timken and Vakrangee went up 7-15% while Parenteral Drug, Shirpur Gold, Subhkam Capital, Shree Nath Comm and PTL Enterprises fell 5-7.5%.About 1656 shares advanced while 1590 shares declined on BSE. Nearly 182 shares were unchanged.
The benchmark Nifty resumed the upward journey again after Thursday's profit booking but that could not sustain in initial trade and markets turned into consolidation mode. IT bellwether Infosys Technologies started the session above Rs 3,200 level, with 1% gains but it seems that more than 9% run up in last one month has discounted Q2 numbers by shares. Overall numbers were strong but there was a slight disappointment on rupee guidance as the company has not increased EPS guidance due to rupee appreciation.Infosys has reported net profit at Rs 1737 crore as against Rs 1488 crore, a growth of 16.73% on quarter-on-quarter basis (QoQ), as per International Financial Reporting Standards (IFRS). On consolidated basis, company posted net sales at Rs 6947 crore as against Rs 6198 crore, a growth of 12.08% (QoQ).Infosys was struggling at Rs 3200 level. All technology stocks jumped in opening trade; TCS, Wipro and HCL Tech went up 1.-2% but profit taking flatened these stocks.
 
At 9:01 hours IST, the Sensex was trading at 20513, up 15.6 points and the Nifty was at 6178, up 0.6 points. The Nifty October futures were trading at 27 points premium.The BSE Smallcap Index was up 52 points at 10761 and CNX Midcap went up 0.17% to 9503. About 600 shares advanced while 200 shares declined on NSE.Among the frontliners, Dr Reddys Labs, Suzlon, HUL, Bharti Airtel and HDFC were witnessing buying interest.However, Kotak Mahindra, Bank, Axis Bank, ICICI Bank, Reliance Industries, ITC, Tata Power and Tata Motors were on seller's radar.
 
Midcap & Smallcap space:
 
Patni, Polaris, 3i Infotech and Rolta were up 0.5-1.5%.Koutons shot up 5% and Sujana Towers up 3.8%. Kingfisher Airlines rose 1%.However, Vijaya Bank and Mahindra Satyam were marginally in red.Global cues:Asian markets were trading mixed. Shanghai was up 1.65% and Straits Times up 0.67%. Taiwan rose 0.16%. However, Hang Seng and Nikkei fell 0.4% each. The US markets logged first negative tick in five sessions, as banking sector lost ground.The Dow Jones Industrial Average ended down 1.5 points at 11095. The Nasdaq Composite was down 6 points at 2435 and S&P 500 down 4 points at 1174.
 
CommoditiesCRB Commodity Index ended fractionally higher, after hitting new two-year high during the dayCrude Oil was down 0.4% at USD 82.68 a barrelGold prices rose 0.6% at USD 1378.5/ounce, set a new record high of USD 1383.9/ounceSilver prices went up 2.5% at USD 24.54/ounce, after hitting new 30-year high of USD 24.95Natural gas ended down 0.9% at USD 3.66 per MMBtu
 
F&O cues:
 
Stock futures add 5.5 lakh shares in Open Int
 
Futures Open Int down Rs 1981 crore, Options Open Int up Rs 2925 crore
 
Nifty futures down 22.5 lakh shares (7.8%) in Open Int, at 20 pts prem versus 40 pts prem
 
Nifty Open Int PCR down at 1.35 from 1.39
 
Nifty Puts add 8.5 lakh shares, Calls add 24.4 lakh shares in Open Int
 
Nifty 6200 Call adds 9 lakh shares in Open Int
 
Nifty 6300 Cal adds 5.5 lakh shares in Open Int
 
Nifty 6500 Call adds 3.6 lakh shares in Open Int
 
Nifty 6000 Put adds 2.8 lakh shares in Open Int
 
Nifty 6100 Put shed 6.1 lakh shares in Open Int
 
Nifty 6200 Put shed 5 lakh shares in Open Int