Indian Stock Market Analysis by Nirmal Bang Securities

Indian Stock Market Analysis by Nirmal Bang SecuritiesThe benchmark index broke its six-day winning streak and ended 50 points lower at 16,214 after trading in a narrow range of 16252-16119. Nifty shut at 4808 down 21 points after making a high/low of 4829-4786. Among the broader indices - the BSE Midcap Index was up 0.15% and the Smallcap Index was up 0.46%. Global cues were weak throughout the session.

Auto and banking stocks gained today while realty and capital goods stocks took a hit. The market breadth was weak and the volumes declined compared to previous session, total traded turnover was at Rs 77,045 cr. as against Rs 84,413 cr. The Nifty futures premium surged in late trade and ended with 28 points premium.

The BSE auto index gained 1 %. Bharat Forge jumped nearly 7 % at 228. TataMotor up 2.5%, Maruti up 0.4%

The BSE bankex was up 0.5 %. Indian Overseas Bank rose 5.5 % and Bank of India advanced 5 %. State Bank was up 1.8%, Kotak Bank up 1.5%, and PNB was up 2.5%.

The realty index on the BSE fell 0.8 %. HDIL, Orbit Corp and Unitech were the main losers in the real estate space, down over 2 % each.

The BSE capital goods index slipped 0.5 %. L&T and Siemens fell 1.4-1.4%.

Metal stocks like Sterlite Industries was down 3.6%. Hindalco, SAIL and Hindustan Zinc lost 1.5-2.8%.

In the 30-share Sensex Sterlite Ind was the top loser. The stock fell 3.5 % to Rs 719. Hindalco and Grasim shed over 2 % each.

Tata Steel was the top gainer in the pack. The stock ended 2.1 % higher at Rs 479.