Morning Market Update:
The major Indian equity benchmarks started the day with a small gap down on June 24, 2013 on the back of consistent selling of Indian stocks by FIIs. The international scene was also not positive. US markets ended flat in volatile trading on Friday. But still, the stocks finished in the red for the week, logging their worst weekly drop since mid-April. European markets also closed at its lowest level since January. Asian markets were very quiet in the morning trade on Monday, just exhibiting some fatigue after last week’s selling rout. Indian benchmarks are also trading in a similar manner. The Inidian rupee fell by 33 paise in the opening trade. It is expected to take some near-term respite because of more measures to encourage capital inflows and the anticipated improvement in the CAD. All these led the Sensex to trade near the level of 18617.59 i.e. down by 153.21 points & the Nifty to trade near the level of 5619.40 i.e. down by 48.25 points. The Midcap index and small cap index are trading in red with the loss of nearly one and a half percentage point and nearly one percentage point respectively. On the sectoral front, all the indices except one are trading in red. The Metal Index is trading as the biggest gainer with the gain of more than one-third of a percentage point On the other hand, Consumer Durables index is the biggest loser with the loss of three and two-tens of a percentage point. . This is followed by the Realty Index which is trading with the loss of almost two percentage points.
Further, the market breadth opened negative as three stocks are seen advancing against seven declining stocks.