Market Commentary:
Ø Asian stocks fell to a one-week low amid concern that China’s economy is slowing. The euro rose as Greece’s prime minister won parliamentary approval for an international bailout, while commodities rebounded.
Ø Back home, key benchmarks have made a flat opening tracking soft global cues and were hovering between the positive and negative terrain in mid-morning trade as weak Asian stocks dampened sentiment. Banks & financials, technology and capital goods stocks were quite supportive while auto and metals were under pressure.
Ø Stocks in Focus:
v Tata Motors, fell for the second consecutive session on slowdown in China's luxury car market; the stock tanked 1.4%.
v Shares of cement companies ACC and Ambuja Cements gained 2-3%.
Ø The Indian rupee dropped to two-week low by slipping 31 paise to 50.70 against the dollar on sustained demand for the American currency from banks and importers.
Ø From Intr-day perspective, Nifty Mar Futs can see resistance at 5340-50 level while on the downside it can slide up to 5280.
Ø INDICES: Sensex +39 at 17355 (0.23%), NIFTY +11 at 5286 (0.22%), CNXMIDCAP +71 at 7708 (0.93%)
Ø SECTORAL PERFORMANCE: BANKEX 0.55%, AUTO -0.46%, CAPITAL GOODS 0.62%, HEALTHCARE 0.65%, Metal -0.61%, OIL & GAS -0.31%, IT 1.01%, FMCG 0.11%, PSU 0.28%, REALTY 1.3%, Consumer Durables -0.33%, POWER 0.54%
Ø MARKET BREADTH: 359 Advances, 131 Declines (BSE 500)
Ø TODAY'S GAINERS: JPA 2.94%, ACEM 2.92%, TCS 2.85%, ACC 2.65%, RBXY 2.08%
Ø TODAY'S LOSERS: JSP -2.61%, HNDL -2.28%, CAIR -1.99%, TTMT -1.6%, MSIL -1.34%
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