Daily Equity Market Report – September 17, 2013

Indian benchmark indices managed to end in the green zone after a lackluster trading session today. The market traded in a very narrow range throughout the day as it is waiting for direction from FOMC & RBI policy that will take place later this week. The market appears to be in a consolidation phase today with the equity benchmarks hovering around their previous closing values and today is the fifth day of consolidation for the market. After a tepid opening, the Nifty is up 9.65 points or 0.17% and closed at 5850.20 and the Sensex is up 61.56 points or 0.31% ending at 19804.03.

Nifty witnessed some buying activity in the last half an hour of trade and hit fresh intraday high before closing at 5,850 level. Technology, metals, FMCG and auto sectors led the up move while realty and power stocks remained subdued.

The US Federal Reserve's two-day policy meeting starts today. Economists expect the Fed to reduce its asset purchase programme by USD 5-10 billion dollars a month. Global markets turn cautious looking ahead while in case of RBI, analysts do not see any move on policy rates.

Sectoral indices also witnessed this directionless movement and led by technology stocks fuelled by weak Rupee. CNX IT was the biggest gainer of the day with 1.71% and followed by CNX MNC (1.03%), CNX Metal (0.85%), CNX FMCG (0.67%) and CNX Auto (0.65%). Interest rate sensitive stocks faces the worry of policy actions awaited and CNX PSU Bank was the top amongst loosing and fell by -1.39% and followed by CNX Finance (-0.89%), Bank Nifty (-0.86%), CNX PSE (-0.77%) and CNX Energy (-0.75%).

Market breadth remains on the negative side today as most of the time market ventured in negative terrain. On NSE, there were only 487 stocks advanced as against 681 declined and 67 stocks remaining unchanged.

Out of 50 stocks of Nifty 29 stocks advanced against 21 declined.

Top 5 Nifty gainers: HCL Technologies topped the gainers chart today on the Nifty by registering 4.20% growth and accompanied by Dr. Reddy (3.37%), Ranbaxy (3.28%), Ultra Cement Co. (2.93%) and Jindal Steel (2.42%).

Top 5 Nifty losers: Sun Pharma was the biggest Nifty stock on the loser side today by registering loss of -3.71% and followed by Bank of Baroda (-3.66%), Axis Bank (-3.20%), IndusInd Bank (-3.00%) and ONGC (-2.61%).

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