Price Movements Today: Markets started off with a negative note today with Nifty at 8468. During the trading session it made a high of 8520, went to as low as 8425 to close at 8495(+0.34%). Stocks which gained the highest today are SUNPHARMA(+4.30%), ACC(+4.16%), LUPIN(+3.02%), WIPRO(+2.4%) and CIPLA(+1.93%). The biggest losers were HINDALCO(-3.09%), SBIN(-2.25%), COALINDIA(-1.88%), BANKBARODA(-1.83%) and PNB(-1.52%).
Global Market Scenario: The Global markets were negative today with DJIA (-0.19%) being negative along with S&P500 (-0.26%), FTSE100 (-0.99%) NIKKEI225(-1.61%) and also Crude Oil (WTI) losing (-0.54%)
Sectoral Performance: Despite Nifty ending positive at (0.34%), the sectoral indices were a mixed bag. The sectors which gained the most were CNX PHARMA(+2.74%), CNX IT(+0.74%) and CNX AUTO(+0.47%). The sectors which lost the most were CNX PSU BANK(-2.22%), followed by CNX METAL(-1.42%), and CNX REALTY(-0.86%).
Coal prices at 12 year lows – The prices of coal is trading at 12 year lows due to fall in demand from India and China, the two major importers while the supply is going up rapidly. Now it is trading at a price which is 75% below its highs of 2008. The steady fall in coal prices may significantly impact the performance of the companies and the impact of it can already be seen in companies like Coal India.
Amtek Auto Ltd sheds 30% today – Amtekauto had a devastating fall of more than 30% today. The major fall took place between 3.00PM to 3.30PM today. From the levels of 125 it fell to the 85 to finally close at around 89. This brings the stock the the levels last seen at Feb 2014. As we can see below, the present support is at 91.5 while the resistance is at 130.00.
Rcom aiming to cut down its debt – R-com is in talk with CITIC Telecom to sell its stake in its cable business. The deal could be valued at around 4000-5000 crore which is not yet revealed. The company is trying to sell its stake in the tower business and DTH business and is planning to bring down its debt to Rs 22000 crore by next year.
Tata group PE fund took a stake in Uber – Tata Opportunities fund, private equity arm of Tata group has announced about its investment in US based company,Uber. Tata group is a second Indian company to invest in Uber after Times India group who invested around Rs 150 crore recently.
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