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Sensex trades low, but metal stocks shine

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Published on : Jan 14, 2014


After the Monday’s rally, the stocks in the markets have taken some breather as they were seen flat today morning. Sensex was recorded to be almost at 21,134, while Nifty increased by 2 points in 6,274.  

Most of the Indian stocks tracked with the Asian markets were down 2 percent with the Japanese stocks. 

Mayuresh Joshi – the VP-Institution of Angel Broking told the macro data that it will give positive results and momentum in the markets until the elections are held in the country. 

However, the BSE Sensex also increased by almost 2 percent yesterday. This rise was its biggest gain in the current year with expectations of the Reserve Bank of India (RBI) holding interest rates at the current levels. Even the U.S. Federal Reserve will keep its financial policy for a longer duration. 

In addition, to the release of the retail hike data for the month of December, the vegetable prices fell three-month low.  

The overall retail prices increased to an annual figure of 9.87 percent last month, but slower than 9.92 percent, said the Reuters poll economists. 

According to Mr Joshi’s calculation, Nifty will stick around 6350 levels, whereas, the marker will show an uptrend of periodic volatility. 

Even the IT stocks in the market witnessed some profit-benefits with companies like HCL and Infosys with a near down of 0.4 percent each. Both these stocks surged over 3 percent yesterday. 

The metal stocks pulled in some major buying with Sesa Sterlite with 1 percent and Hindalco up to 0.73 percent.  

Trent, which has allied with Tesco to open foreign style supermarkets in India, faced some pressure from the newly Aam Aadmi Party government in Delhi that barred the foreign supermarkets from opening or setting up shops in the state. The retail stocks faced a down of 2.2 percent while Shoppers Stop and Future Retail were lower by 1 percent each. 

Furthermore, with Japanese stocks plummeting more than 2 percent as the yen ruled a four-week high against the dollar, Asian shares faced some pressures on Tuesday. Tokyo’s Nikkei benchmark was low by 2.6 percent, hitting all-time one month low spat from the nonfarm payroll report, as reported by Monday’s public holiday in Japan.


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