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IT, Oil & gas drive markets lower
Thu, 27 Dec Closing

Selling activity intensified during the closing stages of the day. Consequently, the indices in the Indian stock market closed well in the negative. Thus, while BSE-Sensex edged lower by around 94 points, fall in the NSE-Nifty came in at 36 points (down 0.6%). BSE Mid Cap and BSE Small Cap indices also edged lower, losing around 0.5% and 0.7% respectively. More than 2 stocks fell for every stock that closed the day in the positive.

While most Asian stocks closed higher today, Europe too is trading mostly in the positive currently. The rupee was placed at Rs 54.9 to the dollar at the time of writing.

Caution continues to remain the buzzword on the street these days what with another lacklustre closing today. IT and oil and gas counters were amongst the top losers with the former down mostly on the recent strengthening of the rupee. The fact that the Planning Commission of India got cold feet on India's expected GDP growth in the 12th plan also did not help matters. All eyes now seem be on what the year 2013 brings along with it.

Close on the heels of a successful debut of CARE Ratings, jewellery retailing major PC Jewellers also got off to a strong start to its listing journey. The stock closed higher by around 10% today. The more than Rs 6 bn offer of the company was oversubscribed some 7 times when it closed around mid December. The company intends to open more stores and diversify itself from its predominantly north Indian presence and thus, will utilise most of the proceeds towards the same.

Going continues to remain tough for the beleaguered Kingfisher airlines as the authorities concerned refused to clear the restructuring plan of the company. As per the authorities, Kingfisher's plan is not clear enough and thus, the company will have to remain grounded till such time a clear plan is given. It should be noted that the firm has been trying to raise cash for more than a year now but to no avail. There are no such worries for rival SpiceJet though as it has received shareholders nod to raise funds through preferential issue of debentures and warrants to its promoters. The stock however closed flat today. Kingfisher on the other hand was down 2%.

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