Market Commentary:
Ø Asian stocks fell, while the Australian dollar rose and gold rebounded from the biggest drop in three years after better-than-expected data on Chinese manufacturing boosted speculation that the nation will refrain from additional steps to ease monetary policy.
Ø Back home, Losses have widened at Dalal Street as market men preferred to go short on their position after two consecutive sessions of gains in the wake of forthcoming budget, regional elections and rise in oil prices. The market continued to trade lower, weighed down by index heavyweights Reliance, ICICI Bank and Infosys. L&T, BHEL, SBI and Bharti too were under pressure while Maruti accelerated smartly post February sales numbers.
Ø The market breadth, indicating the overall health of the market, was negative. The only gaining sectoral index on the BSE was Health Care up by 0.54%.
Ø The rupee opened lower on Thursday, tracking weaker euro and on expected dollar demand from domestic oil refiners.
Ø For Nifty Mar Futs, 5320 is the level to watch on Intra-day basis, we can see support coming at that level. If 5320 is broken , we expect it to slide to 5280. On upside it can face resistance at 5415.
* INDICES: Sensex -199 at 17554 (-1.12%), NIFTY -60 at 5325 (-1.12%), CNXMIDCAP -44 at 7661 (-0.58%)
* SECTORAL PERFORMANCE: BANKEX -1.46%, AUTO -0.22%, CAPITAL GOODS -1.68%, HEALTHCARE 0.34%, Metal -0.7%, OIL & GAS -1.19%, IT -1.07%, FMCG -0.75%, PSU -0.07%, REALTY -2.22%, Consumer Durables -1.34%, POWER -0.8%
* MARKET BREADTH: 197 Advances, 288 Declines (BSE 500)
* TODAY'S GAINERS: MSIL 4%, RPWR 1.26%, HMCL 1.21%, CAIR 1.04%, SUNP 1.02%
* TODAY'S LOSERS: DLFU -3.58%, BHEL -2.57%, ICICIBC -2.56%, WPRO -2.3%, AXSB -2.22%
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