Friday, 28 June 2013

Market Synopsis, Morning Summary: 28th June, 2013

The major Indian equity benchmarks started the day with a strong gap up on June 28, 2013 on the back of international cues & government’s initiative to increase the gas prices. It was a positive Thursday for Wall Street boosted by a string of upbeat economic reports. The Dow reclaimed its 15000 mark. Europe too extended its gains to close higher. Asian markets were trading higher on Friday morning with the Japanese market up nearly 3 percent on firm data. On Thursday, CCEA okayed gas price hike. The Gas price will be doubled to 8.4/mmbtu from April 1, 2014. The prices will be reviewed quarterly. The gas price hike shows the decisiveness of the government. The move will improve business confidence. The Indian benchmarks are trading firm after opening and are seen trading in a similar range. All these led the Sensex to trade near the level of 19149.62i.e. up by 273.67 points & the Nifty to trade near the level of 5764.55 i.e. up by 82.20 points. The Midcap index and small cap index are trading in green with the gain of more than nine-tens of a percentage point and more than eight-tens of a percentage point respectively. On the sectoral front, all the indices except three are trading in green. The Oil & Gas Index is trading as the biggest gainer with the gain of more than three and a quarter of a percentage point. This is followed by the PSU Index which is trading with the gain of almost two and half of a percentage point. On the other hand Consumer Durables index is the biggest loser with the loss of more than one percentage point.

Further, the market breadth opened positive as five stocks are seen advancing against two declining stocks.

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