Market Commentary:
Ø Chinese stocks and commodities fell, while Australia’s dollar slid to a two-month low as data showed China’s manufacturing may contract for a fifth month.
Ø Back home, after making flat opening key benchmarks have turned a bit soft on the back of profit booking amid weak Asian markets. The market edged lower in early trade. The market reversed initial losses to hit fresh intraday high in morning trade and then again trimmed gains after hitting its highest level in nearly one week. Nifty 50 was hovering around 5350 level.
Ø Stocks in Focus:
v Gold financing companies Muthoot Finance and Manappuram Finance were down 10.5% and 14.5% amid heavy volumes, respectively post the Reserve Bank of India has tightened norms for gold loan NBFCs.
v Cigarette maker ITC hit record high and was up by around 1%.
Ø The rupee slid to its weakest level in more than two months on Thursday, hurt by dollar demand from importers. The rupee was at 50.88/89 to the dollar.
Ø From Intra-day perspective, we expect Nifty to slide further down and touch 5305-5300 levels.
Ø INDICES: Sensex -47 at 17555 (-0.26%), NIFTY -21 at 5344 (-0.4%), CNXMIDCAP -14 at 7781 (-0.18%)
Ø SECTORAL PERFORMANCE: BANKEX -0.36%, AUTO -0.16%, CAPITAL GOODS -0.67%, HEALTHCARE -0.26%, Metal -0.91%, OIL & GAS -0.81%, IT -0.37%, FMCG 0.73%, PSU 0.78%, REALTY -0.87%, Consumer Durables -0.48%, POWER -0.66%
Ø MARKET BREADTH: 192 Advances, 296 Declines (BSE 500)
Ø TODAY'S GAINERS: Coal 3.52%, SUNP 1.09%, ONGC 1.03%, SIEM 0.95%, HDFCB 0.79%
Ø TODAY'S LOSERS: JSP -6.2%, IDFC -3.57%, RIL -1.87%, JPA -1.83%, HCLT -1.64%
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