India Stocks: Down nearly 1% amid volatility on F&O expiry
Thursday, Sep 25
MUMBAI - Key share indices oscillated between positive and
negative territories today because traders rolled over positions to
October on expiry of September futures contract
Market opened slightly up, but soon slipped into red amid mixed
cues from overseas bourses.
At 10:28AM, Bombay Stock Exchange's 30-share Sensex was at
13602.87, down 89.65 points or 0.6% from Wednesday's close. National
Stock Exchange's 50-share Nifty was at 4126.05, down 35.20 points or
0.9%.
CNX Mid-cap and S&P CNX 500 indices were down around 0.5% each.
On BSE, declines outnumbered advances 1.3:1.0
Angel Broking sees support for Nifty at 4115 points and for Sensex
at 13577. Resistance is seen at 4208 and 13825, respectively.
Sterlite Industries was down 2% on profit sales after having
surged
nearly 15% intraday Wednesday following parent Vedanta Resources'
decision to drop the restructuring plan.
Madras Aluminium Co, also a Vendanta arm, was down nearly 3%.
Information technology shares were also weak on fears of a global
slowdown in IT spending. Satyam Computer Services and Tata Consultancy
Services declined around 2% each.
Shares of Suzlon Energy were nearly 4% down at 189 rupees as the
company will consider a proposal to raise 18 bln rupees via rights
share issue on Saturday.
The stock was worst hit in Nifty.
However, short covering gave a boost to most interest rate-
sensitive stocks.
Housing Development Finance Corp and Hero Honda Motors gained 2%
and 1%,
respectively. ICICI Bank rose 0.5%. HDFC was top Nifty gainer.
GTC Industries surged 11% as its board approved the demerger of
its real estate and tobacco operations.
Trade will be halted at 11:25AM because of sun outage until Oct 8,
and will resume at 12:10PM. Market will close at 4:15PM. End
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