Market Commentary:
* Asian stocks fell, oil declined and South Korea’s won weakened as concern about Europe’s debt crisis outweighed forecasts for gains in U.S. employment. The euro traded near a 15-month low versus the dollar.
The MSCI Asia Pacific Index slid 1.2 percent.
* Back home, Sentiments continued to remain bearish on Friday’s morning trade on the back of continued selling by funds on fears of disappointing quarterly earnings and a weakening trend on other Asian bourses. The Nifty broke the 4700 mark amid extreme selling pressure, weighed down by banks, telecom, metals, capital goods and auto stocks.
* Moreover, the broader indices too were struggling to get some traction and the market breadth on the BSE was negative. Capital goods stocks fell on worries slowing economy could adversely affect new order flows.
* Kingfisher Airlines tanked 7% on concerns over company’s debts and shortage of funds for running operations. Group Company, United Spirits too lost 3.5%.
*The rupee gained 22 paise to Rs 52.73 per dollar on selling of the US currency by some banks and exporters.However, a lower opening in the equity market restricted the rupee gains.
* For rest of the day expect Nifty to be in the range of 4680-4760.
* INDICES: Sensex -153 at 15704 (-0.97%), NIFTY -52 at 4698 (-1.09%), CNXMIDCAP -62 at 6201 (-1%)
* SECTORAL PERFORMANCE: BANKEX -1.19%, AUTO -1.05%, CAPITAL GOODS -1.9%, HEALTHCARE -0.35%, Metal -1.88%, OIL & GAS 0.04%, IT -1.1%, FMCG -0.37%, PSU -0.94%, REALTY -1.08%, Consumer Durables -1.06%, POWER -1.44%
* MARKET BREADTH: 125 Advances, 367 Declines (BSE 500)
* TODAY'S GAINERS: BPCL 1.83%, RIL 0.94%, MSIL 0.72%, KMB 0.63%, HCLT 0.47%
* TODAY'S LOSERS: BHARTI -3.93%, JPA -3.68%, IDFC -3.48%, BHEL -3.26%, JSP -3.2%
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