Muhurat: Samvat 2069 starts in red

Nov 14 2012, 22:11 IST
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SummaryThe cautious approach of investors was clearly visible for most part of Samvat 2068.

The cautious approach of investors that was visible for most part of Samvat 2068 was clearly visible during the special Muhurat session held on Tuesday to welcome the Hindu new year - Samvat 2069.

Both the benchmark indices lost marginal ground in the 75-minute session that saw the frontline counters fall even as there was considerable demand for the mid- and small-cap shares. Though the Sensex and Nifty along with most sectoral indices ended the session in the red, the broader benchmarks managed to stay in the green.

The 30-share Sensex opened the session with a positive gap of nearly 50 points at 18,729, before profit-booking erased most part of the gains. As the session came to a close, the Sensex had lost 66 points to end at 18,604. The broader S&P CNX Nifty ended the special session at 5,667, down 16.75 points or 0.29%.

Among the index heavyweights, HDFC was the worst performer with a loss of 1.33% at Rs 781.80. Bajaj Auto, Dr Reddy's Labs, HDFC Bank, Tata Motors, Infosys, SBI and Sun Pharma were some of the other Sensex constituents that ended the session in the red.

Meanwhile, Bharti Airtel was the best performer among the Sensex pack, with a gain of 1.02% to close at Rs 282.65. RIL, ONGC, Maruti, Hindalco Industries, Cipla and Coal India also managed to buck the overall negative sentiment and gain marginal ground.

United Spirits, which gained 35% on Monday on news that Diageo will buy a majority stake in the company, fell 1.52% or Rs 27.95 to close at Rs 1,806.65. Kingfisher Airlines also gained 4.52% to close at Rs 14.80.

An overall negative wave across global markets also seems to have impacted the investor sentiment during the Muhurat session. Most Asian and European markets traded in the red on Tuesday as policy makers in Greece have still not agreed on giving it the next installment of rescue loans.

While Hang Seng lost nearly 250 points or 1.13%, Taiwan Weighted was also down 131 points or nearly 2%. Almost all the leading European benchmark indices were also trading in the red at the time of going to press. According to reports, Greece's fellow Euro partners gave it a couple more years to meet its economic targets but remain at odds with the International Monetary Fund over how to make the country's debt manageable over the longer-term. They need to agree on that before they can release the around $40 billion. They will meet again on November 20 to discuss the matter that has worried most global institutional investors.

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