Morning Market Update:
The major Indian equity benchmarks started the day on a flat note with a negative bias on June 3, 2013.This was in line with negative international cues. Wall Street closed in red on Friday with the Dow and S&P 500 posting their worst one-day drop since mid-April. European markets also ended lower. Asian markets followed suit on Monday, Japanese market slipped 2 percent. China’s official PMI data, out on Saturday, rose to 50.8 in May from 50.6 in April, beating market expectations. Coming to India, Infosys surged seven percent in the opening bell after Narayana Murthy announced his return to Infosys as Executive Chairman along with his son Rohan Murthy on Saturday. CRISIL promoters made voluntary open offer to buy up to 22.23 percent stake at Rs 1210 per share. The stock was locked at 20 percent upper circuit at Rs 1126.60 (up Rs 187.75) since the current market price was lower than the offer price. Thus the move was stock specific and the market as such was sluggish. This led the Sensex to trade near the level of 19752.27 i.e. down by 8.03 points & the Nifty to trade near the level of 5977.10 i.e. down by 8.85 points. The Midcap index and small cap index are both trading in green with the gain of nearly one third of a percentage point and one fifth of a percentage point respectively. On the sectoral front, the indices are trading mixed but with negative bias. The IT Index is trading as the biggest gainer with the gain of two and half a percentage point. This is followed by the Teck Index which is trading with the gain of nearly two percentage point. On the other hand, the Auto Index is the biggest loser with the loss of one and quarter of a percentage point.
Further, the market breadth opened neutral as one stock was seen advancing against each declining stocks.
No comments:
Post a Comment