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.
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