Market Commentary
Ø Asian stocks rose, heading for a record 10th weekly advance, and the Korean won climbed as reports from South Korea to the U.S. and Germany signaled the global economy was recovering. Bond risk in Japan fell to a six-month low.
Ø Indian markets continued to drop for the third day on Friday. The market after opening flat turned negative amidst highly volatile trade, weighed down by banks and financial stocks. Nifty was trading below 5500 level.
Ø Index heavyweights Reliance Industries, SBI, ICICI Bank and L&T dropped 1.5-2%. BHEL, HDFC Bank and Bajaj Auto were down around 1%.
Ø The broader indices exhibited mixed trend. The overall market breadth was in the favour of declines.
Ø The Indian rupee climbed higher on Friday driven by robust capital flows into local stocks and debt, but oil importers' clamour for dollars is seen capping the gains. The rupee was at 49.03/04 to the dollar.
Ø For Nifty, Intra-day support seen at 5460-5470 level while upside can be capped at 5550-5600.
* INDICES: Sensex -111 at 17967 (-0.62%), NIFTY -37 at 5447 (-0.67%), CNXMIDCAP -36 at 7610 (-0.47%)
* SECTORAL PERFORMANCE: BANKEX -1.8%, AUTO -0.24%, CAPITAL GOODS -1.66%, HEALTHCARE -0.13%, Metal 1.68%, OIL & GAS -0.68%, IT 0.64%, FMCG 0.16%, PSU -0.26%, REALTY -0.81%, Consumer Durables 1.42%, POWER -0.19%
* MARKET BREADTH: 204 Advances, 288 Declines (BSE 500)
* TODAY'S GAINERS: STLT 4.65%, HNDL 1.94%, SAIL 1.58%, CAIR 1.55%, JSP 1.37%
* TODAY'S LOSERS: HDFC -4.6%, IDFC -4.34%, ACC -2.36%, PNB -2.27%, KMB -2.25%
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