Thursday, 28 May 2015

Closing Summary, Market Synopsis: 28th May, 2015

Markets end lower on May F&O expiry: The markets had a sluggish closing on the last day of May derivatives series due to selling pressure in financials and pharma shares. The weakness in most Asian markets, muted corporate earnings and growing prospects that the Federal Reserve may raise interest rates led to cautiousness on the Street. The tepid close, however, masked the intra-day volatility that resulted from F&O rollover pressures. The Sensex oscillated in a range of around 300 points before ending at 27,506, lower by 58 points or 0.2% and Nifty settled at 8,319, down 16 points. The rupee staged a smart recovery, by 15 paise to 63.86, against the US dollar Thursday at the Interbank Foreign Exchange on fresh selling of the dollar by exporters. The rupee had weakened in the past three trading sessions. On the monsoons front, Skymet said that conditions are favorable for the onset of Southwest Monsoon in India. The private weather forecaster expects monsoons to hit Kerala around 30 May.

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