Market Commentary:
Ø U.S. equity futures fell and Asian stocks dropped for a fourth day as data on job creation in the world’s biggest economy trailed estimates. The yen strengthened to a one-month high against the dollar, while oil slumped.
Ø Back home also sentiments continued to remain bearish on Monday’s morning trade tracking weak global cues post disappointing US payroll data last week.
Ø Interest rate sensitive banking stocks declined for the second straight trading session. State Bank of India and ICICI Bank, country's largest lenders tumbled 2% each. Oil & gas producers and index heavyweights Reliance Industries and ONGC were down 1.2% each.
Ø Stocks in Focus:
o Shares of drug maker Ranbaxy Labs and Dr Reddy's Labs outperformed, rising 3% and 1%, respectively. Ranbaxy extended its gain on the news that it has resumed exports of cholesterol-lowering drug, Atorvastatin to the US market from its Mohali (Punjab) manufacturing facility.
Ø The rupee eased on Monday after a four-day trading hiatus, as renewed worries over global economic growth due to bleak US jobs data last week hurt appetite for riskier assets like equities. The rupee was at 51.26/27 to the dollar.
Ø From Intra-day perspective, we expect Nifty Apr futs to move up from the current levels and trim the losses. Nifty Futs after seeing support at 5250-60 level can rise upto 5290-95 level.
Ø INDICES: Sensex -217 at 17269 (-1.24%), NIFTY -71 at 5252 (-1.33%), CNXMIDCAP -122 at 7688 (-1.56%)
Ø SECTORAL PERFORMANCE: BANKEX -1.57%, AUTO -1.31%, CAPITAL GOODS -2.53%, HEALTHCARE 0.18%, Metal -2.55%, OIL & GAS -1.45%, IT -0.59%, FMCG -0.39%, PSU -1.43%, REALTY -0.13%, Consumer Durables -1.02%, POWER -1.93%
Ø MARKET BREADTH: 117 Advances, 379 Declines (BSE 500)
Ø TODAY'S GAINERS: RBXY 3.23%, DRRD 1.49%, HUVR 0.86%, DLFU 0.73%, CIPLA 0.72%
Ø TODAY'S LOSERS: JPA -3.84%, HNDL -3.83%, IDFC -3.78%, BHEL -3.51%, RELI -3.06%
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