Market
Commentary:
Ø
Asian
stocks tumbled the most since November, European equity futures fell and the
euro slid to a three-month low after French Socialist Francois Hollande was
elected President. Treasuries and the yen advanced, while commodities declined.
Ø
Back
home also key benchmarks have made a gap-down opening, extending losing streak
for the fourth straight session. The weaker rupee and uncertainty in a day when
the Finance Bill containing the controversial provisions is set to be
introduced in the parliament also weighed down the sentiments. The BSE Sensex
tanked nearly 300 points due to consistent selling in banks, technology, auto,
FMCG and metals, while the NSE Nifty was struggling to hold the 5000 level.
Ø
Stocks
in Focus:
v Country's largest lender State Bank
of India tumbled over 4% while rivals HDFC Bank and ICICI Bank were down
2.7-3%.
v BPCL gained 2% as crude oil prices
came down.
Ø
USD/INR
retreated from session high of 53.76 to fall to 53.42/43, vs. 53.47/48 last
close, as rumoured early RBI intervention weighed on the market.
Ø
For
Nifty May Futs, we expect it to trade in the negative territory. A weak opening
in EU markets can make it slide further and Nifty Futs can go down up to 4960
level.
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INDICES:
Sensex -287 at 16544 (-1.71%), NIFTY -90 at 4997 (-1.76%), CNXMIDCAP -156 at
7059 (-2.17%)
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SECTORAL
PERFORMANCE: BANKEX
-2.62%, AUTO -1.25%, CAPITAL GOODS -1.26%, HEALTHCARE -0.71%, Metal -1.94%, OIL
& GAS -1.44%, IT -1.65%, FMCG -1.63%, PSU -1.74%, REALTY -2.86%, Consumer
Durables -1.28%, POWER -1.46%
Ø
MARKET
BREADTH: 66
Advances, 431 Declines (BSE 500)
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TODAY'S
GAINERS: BPCL
2.28%, BHEL 1.07%, ACEM 0.53%, CIPLA 0.34%, SUNP 0.17%
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TODAY'S
LOSERS: JPA -5.27%,
CAIR -4.94%, SBIN -3.73%, SAIL -3.41%, HDFCB -3.39%
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