16:17
Moneycontrol Bureau Equity benchmarks slipped for the third consecutive session on Wednesday after hitting record highs. The small outflow of foreign money in last two sessions after hefty inflow and profit booking caused selling pressure that pulled the Nifty below 6700-mark.The index fell 57.80 points to close at 6675.30 and the Sensex dropped 207.70 points to 22277.23. The broader markets saw major selling compared to benchmarks; the BSE Midcap and Smallcap indices lost 1 percent each.
Experts advise buying the dips they believe the pre-election rally is not over yet.
Geoffrey Dennis of UBS feels the market may have a little bit more upside. "We do not believe a victory for the Bharatiya Janata Party (BJP) with Mr Modi becoming the prime minister is yet particularly fully priced into the market and that is probably because of the uncertainty of the opinion polls in India," he says. UBS is neutral on India.
On the economic data front, consumer price index inflation in March increased to 8.31 percent from 8.03 percent in previous month due to higher food cost.
Technology and capital goods stocks saw heavy selling pressure today with the BSE IT and Capital Goods indices losing 2.5 percent while metals and private banks outperformed.
Top software services exporters TCS, Infosys and Wipro were down 2.5-3 percent as these stocks seem to have priced in its Q4 earnings performance. TCS will announce its quarterly earnings today evening while Wipro and HCL Technologies' numbers will be declared on Thursday.
Capital goods and power companies like BHEL, L&T, NTPC and Tata Power fell 2-4 percent. Petrochemical major Reliance Industries and state-run oil & gas explorer ONGC were down 0.8 percent each.
Housing finance company HDFC lost 2 percent. Top lender SBI was down 0.2 percent whereas its rivals ICICI Bank and HDFC Bank gained over 0.2 percent. Private sector lender IndusInd Bank trimmed gains to 0.6 percent from 2 percent despite the bank beat analysts' forecast by reporting net profit at Rs 396 crore during January-March quarter, up 29 percent compared to a year ago period.
Cigarette major ITC climbed 1.4 percent. Among metals, Tata Steel was up 1.3 percent and Hindalco Industries gained 0.9 percent.
Top car maker Maruti Suzuki advanced 0.6 percent. Brokerage house Nomura says it maintains buy rating on the stock with increased target price of Rs 2295 (from Rs 2135 earlier).
About 1020 shares have advanced, 1616 shares declined, and 185 shares are unchanged.
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