Sensex slips into red; Realty, auto stocks fall

The markets have reversed direction and have slipped into the red. The Sensex fell 111 points to 19,479 and the Nifty declined 37 points to 5,848.

The markets have been consolidating over the past 3-4 sessions after the sharp up move that saw the benchmark indices gaining 10 per cent over 10 days. Analysts say there is little headroom for the markets on the upside from these levels.

Ambareesh Baliga of Way2Wealth said, "The markets are towards the end of the rally seen in the last 2-3 weeks. There are no data points for the markets to shoot above these levels."

Somil Mehta of Sharekhan said, "Investors need to be cautious because the markets have entered a euphoric stage because small caps and mid-caps are moving too fast. The Nifty is likely to head towards 5,700 levels."

All sectoral indices slipped into the red. Realty stocks saw sharp cut with the BSE Realty index slipping 1.6 per cent. Indiabulls Real Estate declined 4 per cent. HDIL fell 3.5 per cent. DLF was trading 1.4 per cent lower.

Auto stocks declined 1.2 per cent. TVS Motors fell 2.7 per cent. Tata Motors declined 2.2 per cent. Bajaj Auto, Hero Honda, M&M and Maruti were trading 1-2 per cent lower.

On the Sensex, only 5 stocks were trading higher. Bharti took the lead, rising 1.8 per cent. ITC, HUL, Sterlite and HDFC Bank were in the green. Jaiprakash Associates and Wipro fell 2-2.5 per cent.


Shilpi Cable Tech had a strong listing today but the stock has come under selling pressure and was trading 1 per cent lower.

Asian markets rose overlooking another strong quake in Japan. The Nikkei 225 in Japan was trading 2 per cent higher. The Hang Seng and South Korea's Kospi gained more than 0.5 per cent.

Overnight, the Dow closed with minor losses, down 17 points to 12,409.

Read more at: http://profit.ndtv.com/news/show/sensex-slips-into-red-realty-auto-stocks-fall-148311?pfrom=home-Business&cp

Shilpi Cable debuts with over 13% premium on BSE

Cables manufacturer Shilpi Cable Technologies made a strong debut on the bourses today, listing with a premium of over 13 per cent on the Bombay Stock Exchange vis-a-vis its issue price.

The company started the day at Rs 78.35 on the BSE as against the issue price of Rs 69 a share, reflecting a jump of 13.55 per cent.

Within minutes, the stock surged by 22.68 per cent to touch an early high of Rs 84.65 on the bourse.

In a similar fashion, the company opened the day at Rs 78, up by 13.04 per cent on the National Stock Exchange.

On the volume front, over three crore shares of the company were traded on the bourses within the first one hour of trade.

The company had fixed a price band of Rs 65-69 a share for its Rs 55.88 crore initial public offer.

The proceeds of the issue will be used for capital expenditure on its cable/wire assembly shop, tools for 3G enabling and augmenting cable manufacturing capabilities, long-term working capital requirements for proposed new businesses and for investment in the subsidiary of the company, Shilpi Cabletronics .

Meanwhile, the BSE barometer Sensex was trading at 19,515.41, down by 75.77 points, at 1115 hrs.

economictimes.indiatimes.com