Market Commentary:
Ø Sentiments turned bearish in today’s trade and Indian benchmarks have made a subdued start as market participants chose to take some profits off the table after the significant rise in last three sessions amid weak global cues.
Ø The US markets got a halt to their rally mood overnight after Federal Reserve downplayed the prospects for more quantitative easing while; all the Asian peers were exhibiting choppy trade at this point of time.
Ø Back home, funds and retail investors locked in gains recorded in the past few sessions amid a weakening trend overseas.
Ø On the sectoral front power, oil and gas and software remained the few gainers while, metal, realty and banking witnessed the most selling pressure, dragging down indices.
Ø Meanwhile, Power companies gained after news on fuel supply agreements.
Ø The disappointing Government bond auction on Tuesday and its impact on yields is another cause for concern.
Ø According to systems Nifty is likely to find support around 5300 levels on the downside whereas 5400 remains to be the resistance level on the upside.
Ø INDICES: Sensex -92 at 17505 (-0.52%), NIFTY -31 at 5328 (-0.57%), CNXMIDCAP -21 at 7803 (-0.26%)
Ø SECTORAL PERFORMANCE: BANKEX -0.96%, AUTO -0.31%, CAPITAL GOODS -0.33%, HEALTHCARE 0%, Metal -0.92%, OIL & GAS -0.61%, IT 0.21%, FMCG -0.28%, PSU -0.21%, REALTY -1.81%, Consumer Durables 0.13%, POWER 0.38%
Ø MARKET BREADTH: 209 Advances, 280 Declines (BSE 500)
Ø TODAY'S GAINERS: BHEL 2.23%, RBXY 1.8%, MSIL 1.74%, DRRD 1.44%, HCLT 1.05%
Ø TODAY'S LOSERS: GAIL -3.3%, JSP -2.76%, JPA -2.48%, RELI -2.19%, DLFU -2.1%
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