Morning Summary- Market Synopsis- 23 July, 2012

The main Indian stock indices slipped in early minutes of trading on the back of steep losses in the global markets. The undercurrent is fragile amid fresh trouble for the debt-strapped eurozone and growing concern about slowdown in China. There are also doubts about the Indian Government's ability to push through pending reforms amid persistent opposition from various political parties. Stubbornly high inflation, rising twin deficits, a weak currency, below-average monsoon and low investor confidence are among the other pressure points for the Indian markets. The Sensex is currently trading near the level of 16990 i.e., down by nearly 170 points and the Nifty is trading near the level of 5150 i.e., down by nearly 55 points. This has led the midcap and the small-cap counters to trade negative by over half a percentage point each. On the sectoral front, all the indices are trading in red. Metal index is leading the list of losers with losses of over two percentage points each. Meanwhile, the market breadth is negative as only three stocks are seen advancing for every seven declines.