Monday, 18 March 2013

Closing Summary, Market Synopsis: 18th March, 2013

The Indian benchmarks ended on a weak note on March 18, 2013. They opened with a gap down on the back of concerns over the fallout of the bailout package for Cyprus, announced over the weekend, which involved a plan to tax bank deposits. Post opening, markets were trading in a range in a sluggish manner. Ultimately the day ended on a reasonable note compared to its opening as the fear of contagion on the above mentioned issue could have taken the markets drastically down. Nervousness was also seen ahead of the Reserve Bank of India's monetary policy review on March 19.These led the Sensex to close at the level of 19293.2 i.e. down by 134.36 points and the Nifty to close at the level of 5835.25 i.e. down by 37.35 points. The midcap index and the small cap index closed in red with the loss of more than quarter of a percentage point and two-third of a percentage point respectively. On the sectoral front, except three sectoral indicies, all the indices closed in red. FMCG Index closed as the major gainer with the gains of two-third of a percentage point. . On the other hand Metal Index was the biggest looser with the loss of more than two and one-third of a percentage point. This was followed by PSU Index which closed with the loss of one and two-third of a percentage point.
Further, the market breadth closed negative as one stock was seen advancing against two declining stocks.

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