Indian markets, continuing their losing streak on second straight trading session, remain choppy throughout the day despite global markets cheering up the end of the US debt ceiling impasse. Both the benchmark indices, Sensex and Nifty remained directionless till the noon and plunged sharply in last two hours of the trade. Broad-based index Nifty breached the resistance level of 6100 in intra-day trades but lack of solidarity pulled it in negative zone and end the day at 6045.85, down by 43.20 points or -0.71% while Sensex fell by 132.11 points before closing at 20415.51.
Global markets were upbeat after the US congress passed the debt limit Bill to end the two week long government shutdown. It was on much expected lines that the deal was clinched at the 11th hour to end the debt ceiling impasse which had kept markets nervous for some time. US markets were quick to react as Dow gained 1.4%, S&P 1.4% and Nasdaq 1.2% when the news came in. When the Asian markets opened, the reaction was the same. Australia to Japan, indices were at levels not seen in several weeks now and most Asian markets also were up around 0.5%. Even MSCI's broadest index of Asia-Pacific shares outside Japan hit a fresh five-month high.
Despite the peers, across the globe, performing well today, Indian markets refused to get prompted by the big news and witnessed negative sentiments primarily on concerns of World Bank’s diminishing growth outlook for India and looming fiscal uncertainties. In its biannual update of the India Development Report, the World Bank cited negative business sentiment and higher interest rates as the reasons for the weakening outlook. As per the latest figures, India will grow at 4.7% in the current fiscal year (FY14) that is in sharp contrast to the bank's earlier projection of 6.1%.
Among sectoral indices, CNX Media led the gainers on the NSE by registering 1.51% growth today and joined-in by CNX FMCG (1.01%), CNX Energy (0.90%) and CNX Consumption (0.56%). On the other hand, CNX IT took most of the beating after exhibiting good quarterly results and plunged by -3.54% and followed by CNX Service (-1.54%), CNX Auto & CNX PSU Bank (both -1.20%) and CNX Realty (-1.14%).
Market breadth remained negative on NSE with 537 gainers against 626 losers and 58 stocks closed unchanged.
Out of 50 stocks of Nifty, 18 advanced and 32 declined.
Top Five Nifty Gainers: J P Associates led the Nifty Gainers chart and excelled by 6.11% followed by Bharti Airtel (2.92%), ONGC (2.27%), ITC (1.76%) and BPCL (1.49%).
Top Five Nifty Losers: HCL Technologies emerged as the biggest loser on the Nifty, falling by -7.09% and chased by TCS (-5.25%), IndusInd Bank (-4.66%), Larsen & Toubro (-4.11%) and Tata Motors (-3.82%).
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