Friday 31 May 2013

Morning Summary, Market Synopsis: 31 st May 2013













The major Indian equity benchmarks started the day on a flat note with a negative bias on May 31, 2013.This was in spite of a flatish to positive  international cues. US markets closed modestly higher on Thursday on hopes of Fed continuing its bond purchase programme following tepid economic data. Europe too closed in the green. Asian Markets were mixed on  Friday morning, but Japan rebounded 2 percent. At 7: 52 am (IST) China's Shanghai Composite was flat at 2,317.30. Hong Kong's Hang Seng shed 0.25 percent or 55.14 points at 22,429.17. The Indian benchmarks started its downmove as soon as they opened. The selling pressure was strong as it was the first trading day of a new settlement. Again market men are also waiting for the fourth quarter’s GDP data to be announced today at 11.00 AM. Investors and policymakers will be closely watching India's fourth-quarter and full fiscal year 2012/13 gross domestic product (GDP) growth figures on Friday. This led the Sensex to trade near the level of 19981.43 i.e. down by 233.97 points & the Nifty to trade near the level of 6050.85 i.e. down by 73.80 points. The Midcap index and small cap index are both trading in red with the loss of nearly one fifth of a percentage point and seven basis points 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 three-tens of a percentage point. On the other hand, the FMCG Index is the biggest loser with the loss of one and two-third of a  percentage point. This is followed by the Bank  Index which is trading with the loss of one and three-tens of a percentage point.

Further, the market breadth opened negative as seven stocks were seen advancing against eight declining stocks.

No comments:

Post a Comment