Wednesday, 3 July 2013

Morning Summary, Market Synopsis: 3rd July, 2013

The major Indian equity benchmarks started the day with a sharp gap down on July 3, 2013. This was on the back of negative international cues. The US markets bounced off their worst levels to close marginally lower on Tuesday. Europe too ended in the red. DOW Index was down by 42 points while NASDAQ Index eased just a point. Japan's Nikkei traded lower by 0.59% or more than 80 points where as Hang Sang Index was down by 2% . The Indian market also does not seem to be in mood to consolidate as it opened on a sluggish note. The rupee opened lower by 21 paise at 59.87 per dollar versus 59.66 onTuesday.The rupee is likely to trade lower on a stronger dollar, weak domestic market and high dollar demand from importer. Brent crude continued to gain on geopolitical concerns, above USD 104 level. All these led the Sensex to trade near the level of 19225.55 i.e. down by 238.27 points & the Nifty to trade near the level of 5786.20 i.e. down by 71.35 points. The Midcap index and small cap index are trading in red with the loss of one and three-tens of a percentage point and more than six-tens of a percentage point respectively. On the sectoral front, the indices are trading mixed with negative bias. The IT Index is trading as the biggest gainer with the gain of nearly six-tens of a percentage point. On the other hand Realty index is the biggest loser with the loss of nearly three and three-tens of a percentage point. This is followed by the Metal Index which is trading with the loss of three and a quarter of a percentage point.

Further, the market breadth opened negative as three stocks are seen advancing against two declining stocks.

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