Market
Commentary:
Ø Asian stocks fell to the lowest
level in more than three months and New Zealand’s dollar dropped for an eighth
day on concern Greek leaders will back out of bailout agreements. Australian
bond yields and the currency sank as the government announced the first budget
cuts in at least 42 years.
Ø Back home as well after witnessing
butchery in previous session, sentiments continued to remain bearish on
Wednesday’s morning trade as market participants chose to remain on side lines.
The BSE Sensex and NSE Nifty recouped losses led by rally in capital goods
stocks, and TCS and ITC. However, the upside capped due to fall in SBI, ICICI
Bank, Infosys and Reliance Industries.
Ø Stocks in Focus:
v ITC: country's largest cigarette
manufacturer, shot up 4.5% led by value buying.
v RIL: fell 1.00% to Rs 700 on reports
the firm has reduced estimates for proven gas reserves from its Indian blocks
by 6.7%.
Ø The rupee opened lower as renewed
concerns about the euro zone battered riskier assets.The rupee was at 53.54/55
to the dollar.
Ø We expect Nifty May Futs to take
further direction after EU mkts opening. A weak opening can make it to slide
upto 4950-60 level. It can face resistance at 5025 level.
Ø INDICES: Sensex +11 at 16558 (0.07%), NIFTY
-3 at 4997 (-0.06%), CNXMIDCAP -41 at 7092 (-0.57%)
Ø SECTORAL PERFORMANCE: BANKEX -0.88%, AUTO -0.5%, CAPITAL
GOODS 0.93%, HEALTHCARE 0.13%, Metal -1.1%, OIL & GAS -1.16%, IT 0.28%,
FMCG 2.44%, PSU -0.94%, REALTY -1.75%, Consumer Durables -0.43%, POWER -0.51%
Ø MARKET BREADTH: 185 Advances, 299 Declines (BSE
500)
Ø TODAY'S GAINERS: ITC 4.83%, TCS 2.44%, BHEL 1.9%, LT
1.48%, BPCL 1.31%
Ø TODAY'S LOSERS: JPA -3.51%, CAIR -3.01%, KMB
-2.97%, PNB -2.8%, SAIL -2.57%
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