Market falls flat on New Year eve's hangover

Action was largely limited to broader markets as investors scouted for value in small-caps feeling uncomfortable with valuations in frontline stocks

It was a lacklustre session with flat trades as the norm on the first day of 2014. Key benchmark indices ended flat as volumes remained dull in frontline stocks, a day after world bid good riddance to another year of weak macros and high hopes.
 
Official data released late Tuesday showed that core eight infrastructure industries witnessed a growth of just 1.7 per cent in November.
 
Core sector industries showed that industrial growth may also not rise drastically in November since these sectors constitute 39 per cent of the Index of Industrial Production (IIP)
 

The 30-share Bombay Stock Exchange (BSE) Sensex closed 30 points lower at 21,140 levels and the 50-component Nifty index of the National Stock Exchange (NSE) closed 2 point loser at 6,302 levels.

 
Action was largely limited to broader markets as investors scouted for value in small-cap stocks feeling uncomfortable with valuations in frontliners which ran up after rallies. BSE Small-cap index closed 1.5% higher while mid-cap index added 0.4% on Wednesday.
 
The Indian rupee continued to remain weak due to dollar buying from oil importers. The rupee was last seen quoting at Rs 61.90 compared with previous close of Rs 61.80 per dollar.
 
Currency dealers believe the weakness will be limited as the RBI may step in if the rupee falls below 62.
 
Asian markets were closed for trading on New Year's Day. Meanwhile, factory growth in China remained subdued in December 2013. According to the National Bureau of Statistics, the Purchasing Managers' Index dipped to 51.0 in December 2013 compared with a reading of 51.4 in the previous month.

 
The BSE Realty index, closing almost 3% higher from its previous close, remained the top gainer among the sectoral indices on the BSE followed by Consumer Durables which added 0.9%. However, IT, Oil & gas and TECk indices were the laggards today, closing down between 0.3-0.6%.
 
Godrej Properties, Indiabulls Real Estate, Housing Development and Infrastructure (HDIL), DB Realty and Sobha Developers closed 2-8% higher, while DLF, Anant Raj, Unitech and Prestige Estates ended 2-3%% higher each.
 
Bharti Airtel was the top Sensex gainer up almost 2.1% at Rs 337.60 while NTPC and Sun Pharma up 0.8%, Coal India, Hero Motocorp - up between 0.5-0.6% were the other top Sensex gainers today.

 
IT shares witnessed profit taking after recent gains. TCS, Infosys and Wipro were down 0.2-0.9%.
 
Market breadth was positive with 1,600 gainers and 897 losers on the BSE.
 
Other shares
 
Ashoka Buildcon shot up almost 16% to Rs 70.25 after the company said it has received Letters of Acceptance (LoA) for the contracts aggregating Rs 596 crore.
 
Finolex Industries closed 3.7% higher at Rs 173.90, after hitting its record high on the BSE as the promoter of the company are increasing its stake via creeping acquisition method.
 
Elder Pharmaceuticals shot up 11.3% to Rs 256.30 on back of heavy volumes on the bourses. The stock opened at Rs 234 and hit a low of Rs 229 on the BSE.

 
Lakshmi Vilas Bank has rallied 4.4% to Rs 73.35 after the private lender said it is planning to raise funds via rights issue to meet its funding requirements for branch expansion and growth capital.