Sensex ends winning streak, profit booking pulls metals down

3.30 p.m: A lackluster market finally ended with Sensex trading 26 points lower at 16821 and Nifty losing 11 points at 5039.

Retail counters were in the limelight from the word go, with Pantaloon falling 13 percent at Rs 186.70, Trent down 3.90 percent at Rs 956, Provogue was down 4.76 percent at Rs 23.95, however, Shopper Stop was the only retail counter which closed higher. The stock closed at Rs 377, up 4.7 percent.

Metal stocks, which saw a sharp run in the previous week fell on account of profit booking. Tata Steel closed 2.17 percent lower at Rs 410, JSW Steel was down 4.19 percent at Rs 610.

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NCR based real estate players likeDLFandAnsal Housingclosed lower as developers were asked to bear the Rs 3000 crore payment by the Uttar Pradesh government. The companies had decided to pass on the cost, however, with a fall in demand, it is unlikely that the companies will be able to get customers. DLF trades at Rs 222.80, down 0.5 percent, while Ansal Housing is down 11.3 percent at Rs 36.25. IB Realty was down 3.7 percent at Rs 63.25.

Apollo Hospitalcontinued its bull run, with the stock touching an all time high level of Rs 718. The stock however, closed lower after the management said there was no price sensitive new to announce. Markets were anticipating hiving off the pharmacy division and a stake sale in it. The stock closed at the day’s low at Rs 661.

It’s official. Retail FDI on hold, Pantaloon down 13%

2.00 p.m: European market opened higher ahead of what could be one of the most important week since the formation of Euro Zone.

Indian markets too have been volatile after the European markets opened. Sensex moved into positive zone just before the European markets opened, but fell by nearly 100 points post its opening. Sensex currently trades at 16,816 down 30 points. Nifty is down 11 points at 5038.

Pantaloon has slipped further and currently is down 13 percent on confirmation of the government stalling FDI in retail.

NCR based real estate players like DLF and Ansal Housing are trading lower reports of Supreme Court asking a halt on further bookings. The companies have been affected as developers were asked to bear the Rs 3000 crore payment by the Uttar Pradesh government. The companies had decided to pass on the cost, however, with a fall in demand, it is unlikely that the companies will be able to get customers. DLF trades at Rs 222, down 1 percent, while Ansal Housing is down 12 percent at Rs 36.10.

It’s official. Retail FDI on hold, Pantaloon down 13%

12.45 p.m: Finance minister has informed the opposition that FDI in retail has been put on hold. Reacting to the news, Pantaloon, which had already been trading 9 percent lower, fell further and presently trades near the day’s low at Rs 191, down 11 percent.

Real estate stocks are too feeling the heat of this reversal, with IB Realty falling by nearly 5 percent at Rs 62.5.

Sensex meanwhile, has recovered most of its intra-day’s loss, it currently trades at 16,811 down 35 points. Nifty trades at 5038, down 12 points.

Apollo Hosp at all time high, stock up 6%

12.00 p.m: A lacklustre session continues, with the Sensex trading 110 points lower at 16,738 and Nifty is down 33 points at 5017.

Apollo Hospital continues its bull run, with the stock touching an all time high level of Rs 718. The stock currently trades at Rs 709, up 6 percent.

Among front line stocks Reliance trades 1 percent lower at Rs 803, SBI trades 0.2 percent lower at Rs 1883, HDFC Bank is down 1.5 percent at Rs 459 while Tata Motors is down 0.4 percent at Rs 191.

Profit booking in metal counters; Sensex down 100

11.00 a.m: Markets continue to trade in a narrow range near the day’s low. Sensex is at 16,748 down 98 points, while Nifty is at 5026, down 24 points.

Metal stocks, which were the top gainers in previous week are down on profit booking. JSW Steel is down nearly 4 percent at Rs 612, Tata Steel is down 1.7 percent at Rs 412 and Hindalco is down 1.3 percent at Rs 133.50.

IFCI has moved higher at government said they are setting up a panel to approve government’s role in the financial institution. The stock trades 4.5 percent higher at Rs 25.35.

Retail counters continue to trade nearly 10 percent lower.

Sensex falls 90 pts, Pantaloon down 10%

9.45 a.m: Indian markets opened flat but have slipped lower, BSE Sensex trades 90 points lower than the previous day’s close at 16,756 while NSE Nifty is down 30 points at 5021.

Retail stocks have taken a beating after government falters on its FDI decision. Pantaloon trades 10 percent lower at Rs 192.50, Vishal Retail is down 6.5 percent at Rs 18.75, Shoppers Stop is down 5 percent at Rs 341.20, Provogue down 5 percent at Rs 23.90 and Koutons is down 7 percent at Rs 19.35.

Tata Steel is down 2 percent at Rs 410 on reports that the company has shut down a unit in UK due to lower steel demand.

Banking stocks are trading marginally higher on hopes of a CRR cut by the central bank. SBI trades 0.25 percent higher at Rs 1891, while Axis Bank is up 0.7 percent at Rs 1,013.

Retail logjam to hit markets

9.15 am: As the eurozone enters a decisive week to arrive at a solution on how to tackle the rising debt issue, markets across the globe have started getting nervous once again. Gold has started to move up, while equity markets, after the best week since July 2009, have pressed the pause button.

US markets on Friday ended flat, while Asian markets today are trading in a narrow range.

Indian markets are likely to open flat with a negative bias.

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Newspaper reports say that the government has not been able to garner support from its allies in terms of FDI in retail. This will increase negative sentiment among investors, as retail FDI was viewed as the only positive reform measure taken by this government since it came into power two years back. A roll back on the decision will once again expose the governance deficit, which has been one of the biggest concerns of institutional investors, especially foreign.

Retail counters like Pantaloon, Shoppers Stop, Koutons and Vishal Retail can witness good selling.

Reports say that RBI might cut CRR by 25 basis points. This news is one of the reasons for banking stocks to rally, and we can see some buying interest in the sector in the first half of the trading session.

Poor demand in Europe has led to Tata Steel shutting down a hot strip mill in South Wales, the counter can see some selling pressure based on this news.