Tuesday, 4 June 2013

Morning Summary, Market Synopsis: 4th June, 2013

The major Indian equity benchmarks started the day on a flat note with a positive bias on June 3, 2013.This was in line with the positive US markets cues. US Markets had a positive Monday for the Wall Street. Major indices added to their gains in the final minutes of trading to close near session highs, but European markets closed lower on profit taking. Asian markets were also trading lower. Since Indian Markets were falling for last couple of days, some sort of short covering was impending. Last evening, RBI allowed corporate, 18 months to implement a bank license, up from 12 months earlier. It clarified no let up on minimum 51 percent public ownership of the bank; or on meeting priority sector and other rules. Experts feel that market participants are betting too much on recovery, which is unlikely to happen in next 12-18 months. All this led the Sensex to trade near the level of 19727.9 i.e. up by 117.42 points & the Nifty to trade near the level of 5975.8 i.e. up by 36.50 points. The Midcap index and small cap index are both trading in green with the gain of nearly three-fourth of a percentage point each. On the sectoral front, all the indices except two are trading in green. The Capital Goods Index is trading as the biggest gainer with the gain of nearly two percentage point. This is followed by the Healthcare Index which is trading with the gain of nearly one and eight-tens of a percentage point. On the other hand, IT Index is the biggest loser with the loss of one-third of a percentage point.
Further, the market breadth opened positive as eleven stocks were seen advancing against five declining stocks.

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