The major Indian equity benchmarks started the day on a flat note on May 27, 2013.This was due to negative international cues. US Markets had a lackluster session on Wall Street with major indices closing flat on Friday as investors remained cautious over Fed's bond purchase program. European markets also ended lower. In Asia, Japanese market was down more than 3 percent in morning trade today. Post opening, Indian benchmarks were seen trading in a positive zone as benchmarks have started gaining momentum. They are making attempts to touch higher levels. Reliance Industries will be in focus this week. The company has announced a big natural gas discovery in the KG-D6 block, which will help arrest its falling output. The volatile currency movement is also affecting the sentiment. Finance Ministry sources say that volatility in currency should settle in a few days and rupee is expected to be back to its range in a few days. Rupee weakness is likely due to volatility in rupee non-deliverable forward (NDF). All these have led the Sensex to trade near the level of 19826.64i.e.up by 122.31 points & the Nifty to trade near the level of 6020.85 i.e. up by 37.30 points. The Midcap index and small cap index are both trading in green with the gain of nearly six-tens of a percentage point each. On the sectoral front, all the indices, except one are trading in green. The Oil and Gas Index is trading as the biggest gainer with the gain of nearly one and eight-tens of a percentage point. This is followed by the Consumer Durables Index which is trading with the gain of nearly one and two-tens of a percentage point. On the other hand, the Auto Index is the biggest loser with the loss of nearly half percentage point.
Further, the market breadth opened positive as two stocks were seen advancing against each declining stock.
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