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Markets end lower amid volatility; RBI policy eyed

Benchmark share indices slipped into negative terrain in the last hour of trade with the Nifty slipping below 8,600 amid profit taking in oil and gas shares.

At 2:30PM, the 30-share Sensex was down 89 points at 28,605 and the 50-share Nifty was down 20 points at 8,568.

Meanwhile, India’s factory growth expanded at its fastest pace in nearly two years. November HSBC manufacturing PMI stood at 21-month high at 53.3 compared to 51.6 in October.

Further, foreign institutional investors were net buyers in Indian equities worth Rs 935.86 crore on Friday, as per provisional stock exchange data.

The Indian rupee continued to trade weak against the US dollar. The rupee is trading at 62.11 compared to Friday’s close of 62.02.

Consumer Durables index was the top sectoral gainer up 4% followed by Healthcare, Auto and IT sectors. Oil and Gas index was the top loser on the BSE down 1.5% followed by Power, Metal and Capital goods indices.

Oil shares also witnessed profit taking at higher levels. Reliance Industries and ONGC were down 2-2.6% each.

Other Sensex losers include, HDFC, L&T, M&M and HDFC Bank among others.

Hindustan Unilever was up 2.8%. The company has indicated that it would be able to manage margin expansion, even with rising excise duties, going forward.

Maruti Suzuki gained more than 2% after the company today reported a 19.5 per cent increase in total sales in November at 110,147 units as against 92,140 units in the same month last year.

Infosys was trading flat. The company has fixed December 3, 2014 as record date for the purpose of allotment of bonus shares / stock dividend.

Oil shares also witnessed profit taking at higher levels. Reliance Industries and ONGC were down over 1% each.

In the capital goods space BHEL was down 2% after rising 12% last week. Larsen & Toubro was down 0.9%.

Sun Pharma was up 0.8%. Foreign Investment Promotion Board (FIPB) has approved the proposal of the Company for issuing equity shares of the Company to the non-resident investors of Ranbaxy Laboratories pursuant to its merger with Ranbaxy. Dr Reddy’s Labs and Cipla were up 0.6-0.8% each.

Among other shares, Tayo Rolls was locked in upper circuit of 20% at Rs 80.90, bouncing back 30% from intra-day low on BSE after the company allotted non-cumulative redeemable preference shares to its promoter Tata Steel on preferential basis.
 
In the broader market, the BSE Mid-cap index was up 0.4% while Small-cap index was down 0.2% each.

Market breadth turned negative with 1,554 gainers and 1,217 losers on the BSE.

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