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Sensex off lows; DLF,Jaiprakash Asso, HDFC down

MUMBAI: Benchmarks pulled back from early morning lows but were still in the red in line with Asian peers. Realty and oil&gas led the decline while FMCG and banks resisted the fall.

“The weak link for the market appears to be fears of an adverse outcome of the RBI’s annual policy meet next week. Even the bulls will have to wait a bit more before they see the Nifty cross 5400.

A sudden bout of selling pulled the market down despite inflation being steady.What is more disturbing is that fund flows have started to taper off. Even the FIIs, who till recently were pouring money at a steady pace have turned a bit cautious.

Its still early days as far as results are concerned. So, the volatility will prevail for a while amid a mix bag of earnings. In any case, the market seems to be looking far ahead at FY12 numbers. Today we see a sluggish opening and another choppy session. A rebound cannot be ruled out after Thursday’s selloff,” said India Infoline report.

At 10:55 am, Bombay Stock Exchange’s Sensex was at 17,593.46, down 45.80 points or 0.26 per cent. The index touched a high of 17649.44 and low of 17529.55 in trade so far.

National Stock Exchange’s Nifty was at 5259.25, down 14.35 points or 0.27 per cent. The 50-share index hit a high of 5277.25 and low of 5237.55.

BSE Midcap Index was down 0.10 per cent and BSE Smallcap Index moved 0.21 per cent higher.

Amongst the sectoral indices, BSE Oil&gas Index declined 0.71 per cent and BSE Realty Index fell 0.67 per cent. BSE FMCG Index was up 0.56 per cent and BSE Healthcare Index moved 0.25 per cent higher.

ICICI Bank (1.35%), ITC (1.22%), Sun Pharma (0.54%), Tata Motors (0.48%) and Hindustan Unilever (0.24%) were amongst the top Sensex gainers.

DLF (-1.98%), Jaiprakash Associates (-1.48%0, HDFC (-1.30%), Grasim Industries (-1.24%) and Sterlite Industries (-1.17%) were the top index gainers.

Market breadth was negative on the BSE with 1108 declines and 1354 advances.

Meanwhile, the US stocks posted their sixth straight day of gains on Thursday as an encouraging profit forecast from United Parcel Service lifted transportation shares, though concerns about a rise in weekly jobless claims limited the market’s advance.

The Dow Jones Industrial Average rose 21.46 points, or 0.19 per cent, to end at 11,144.57. The Standard & Poor’s 500 Index edged up 1.02 points, or 0.08 per cent, to 1,211.67. The Nasdaq Composite Index gained 10.83 points, or 0.43 per cent, to close at 2,515.69.

Asian counters were trading in the red. The Nikkei fell 1.50 per cent, Kospi slipped 0.70 per cent and Hange Seng declined 1.29 per cent.

  1. February 26, 2011 at 8:00 AM
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