Market commentary
Ø The Indian benchmarks have made a quite start with negative bias following weak Asian markets. All global markets were flat as investors adopted a wait and watch mode ahead of euro-zone finance ministers’ emergency meeting on Greek austerity deal.
Ø Back home, on the back of profit booking as the bulls were finding it difficult to hold near resistance levels after the recent up move. Meanwhile, amid subdued revenue mop-up and rising fiscal deficit, finance minister Pranab Mukherjee has voiced concerns over mounting subsidy bill, which may cross Budget estimate by Rs1 lakh crore in 2011-12. There are also news of Govt Mulling a STT cut in this union budget.
Ø On the sectoral front, consumer durables witnessed the maximum gain in trade followed by power and realty while, software, technology and metal remained the top losers on the sectoral space. Moreover, Hindalco has shed over 5 percent ahead of its quarterly numbers to be announced later today, Sterlite and Tata Steel from the metal pack has dipped 1-2% each. The broader indices were outperforming benchmarks. Overall the market breadth was slightly positive.
Ø We maintain our view according to systems that a clear direction might emerge once the Nifty manages a decisive break and close above 5400 from the current range only then only it could gradually rise to 5,600, on the way down 5200 level, which acted as a strong resistance before, may now act as strong positional support for the market.
* INDICES: Sensex -38 at 17669 (-0.21%), NIFTY -9 at 5359 (-0.18%), CNXMIDCAP +49 at 7484 (0.65%)
* SECTORAL PERFORMANCE: BANKEX 0.38%, AUTO 1.03%, CAPITAL GOODS -0.24%, HEALTHCARE 0.06%, Metal -0.32%, OIL & GAS -0.62%, IT -0.27%, FMCG -0.16%, PSU 0.22%, REALTY 2.09%, Consumer Durables 0.37%, POWER 0.81%
* MARKET BREADTH: 334 Advances, 161 Declines (BSE 500)
* TODAY'S GAINERS: CAIR 3%, RPWR 2.11%, SIEM 2.08%, JPA 1.88%, BJAUT 1.84%
* TODAY'S LOSERS: HNDL -5.53%, ONGC -2.56%, IDFC -1.34%, BHARTI -1.26%, LT -1.24%
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