EVENING STOCK TRADING NEWS

After falling to their 4-month low levels, key benchmark stock indices recovered from lower levels after benchmarks breached their 200-day moving average support levels in the intra-day session, indicating the sell-off has stopped in the short term. However selling pressure can intensify if these levels are revisited and sustained.

A day earlier, foreign funds turned net sellers of Indian stocks, hitting the sentiment hard. Foreign institutional investors (FIIs) were net sellers of shares worth Rs 735.73 crore on Monday, as per provisional data from the stock exchanges.  Markets recovered later supported by banking heavyweights

The 30-share Sensex closed almost 3 points higher at 20,212 levels after hitting a low of 19,963 and the 50-unit Nifty was down 1 point at 6,001 after touching an intra-day low of 5,933.

Gains in ITC, Tata Motors, HDFC Bank, Bharti Airtel and SBI were capped by losses in Infosys, TCS, M&M, Dr Reddy’s Labs and GAIL.

U.S. manufacturing in January expanded at its slowest pace in eight months as new order growth slumped the most in 33 years, while spending on construction projects barely rose in December. The latest data give a much needed breather for emerging markets as this could prompt US Fed to reduce the pace of tapering of its monthly bond buying program.

The CBOE Emerging Markets ETF Volatility Index surged on Monday, marking its highest close since June, 2013, said agencies. The sell-off in emerging market stocks and currencies has intensified after the US Fed quickened the pace of tapering its monthly bond buying program. India is relatively safer after reigning its fiscal deficit and

At 2:43pm, the 30-share Sensex was down 3 points at 20,206 after hitting a low of 19,963 and the 50-share Nifty was down 2 points at 6,004 after touching an intra-day low of 5,933.

The rupee was flat at trading flat at 62.58 levelsBanking stocks were the top gainers with BSE Bankex leading the gains in BSE sectoral indices tracking key sectors. FMCG. Power, Realty were the top gainers while IT, TECk  and metal stocks were the losers.IT shares which had remained range bound in the previous sessions witnessed profit taking after weaker-than-expected manufacturing data in the US. HCL Tech was the biggest loser, down 3.5%, while Infosys, TCS and Wipro were down between 1.6-1.9%.Shares of Engineers India were 3.9% higher at Rs 150.30 ahead of the follow-on public offer that will hit the capital market scheduled for February 6.

The follow-on public offer (FPO) of Engineers India Ltd (EIL) will hit the capital market on February 6, a top official said today. The government will sell 10 per cent stake in Engineers India Ltd (EIL) through FPO route, that is expected to fetch Rs 500 crore.

Divi’s Laboratories gained 2.36% to 1344.20 after its net profit increased by 51.84% to Rs 219.02 crore, largely due to a 25.24% increase in total income in Q3 December 2013 over Q3 December 2012 to Rs 697.18 crore.Shares of Hero MotoCorp closed 1.27% higher at Rs 1988.05 after the company today reported yet another month with sales of over 5.5 lakh units in January despite challenging market conditions.The two-wheeler major sold 561,253 two-wheeler units in January 2014, up 0.6% compared with 557,797 in Januar 2013.Riding on record sales in the festive months of October and November, Hero MotoCorp has registered sales of 6.18 million units in 2013, the highest-ever sales for any calendar year, the company said in a release.
Asian stocks tracked sharp fall in overnight trades on Wall Street. The Nikkei was nearing a three-month low and was down 3.9% at 14,043. Singapore’s Straits Times was down 0.8% while Hong Kong’s Hang Seng was down 2.6%.

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