Closing Summary, Market Synopsis: 11th June, 2013

The Indian benchmarks ended the day on a negative note on June 11, 2013. After opening with a gap down, benchmarks drifted downwards consistently. During the middle of the day, they did try to bounce back but could not sustain the rise and closed towards the low of the day. The rupee continued its one way slide, and today made a fresh low, breaching 58.98 per dollar intraday Tuesday as more foreign institutional investors (FIIs) sold their debt holdings after US yields spiked further yesterday post the S&P upgrade. This had put tremendous pressure on the market as no fresh demand of equities was coming in. All these led the Sensex to close at the level of 19143 i.e. down by 298.07 points and the Nifty to close at the level of 5788.80 i.e. down by 89.20 points. The midcap index and the small cap index closed in red with the loss of one and six-tens of a percentage point and slightly more than one and eight-tens of a percentage point respectively. On the sectoral front, all the indicies closed in red. The Consumer Durables Index closed as the biggest loser with a loss of more than six and one-third of a percentage point. This was followed by the Metal Index which closed with the loss of slightly more than four and one-tenth of a percentage point.

Further, the market breadth closed considerably negative as two stocks were seen advancing against five declining stocks.

Commodity Market Update (Silver)

Precious metals are trading lower today with Gold futures at $1368.20, -1.30% or $18.00 and Silver is trading at $21.58, down by 1.55% at the time of writing this. Near term view on Gold and Silver is negative with an immediate support for Gold at $1660.00 and that for Silver comes at $21.20 an ounce. Copper and other base metals across the LME are trading down by more than a percent each with nickel is the worst performer to ease 1.80% at $146241.00, followed by Copper which is down by 1.40% to trade at $7087.00 per metric ton. We expect base metals to continue its downtrend with next support for Copper at $6800.00. Crude Oil and Natural Gas prices on NYMEX is also in red with Crude oil active contract trading at $95.47, lower by 0.32% and Natural Gas at $3.77, down half a percent at the time of writing this.

Morning Summary, Market Synopsis: 11th June, 2013

The major Indian equity benchmarks started the day on a negative note with a gap down on June 11, 2013.This was on the back of international cues and increasing weakness in rupee. US markets closed narrowly in mixed choppy trading as investors seemed to take a breather following last week’s sharp rally and amid worries over the Federal scaling back its stimulus program. The Dow closed flat despite ratings agency, S&P raising its sovereign credit outlook to “stable” from “negative.” In India the rupee has touched a record low of 58.70 per dollar in opening trade on Tuesday due to heavy dollar buying, as against previous day's closing of 58.15 per dollar. This has created quite a volatile movement in the markets. The traders are cautious and are waiting for rupee to stabilize. All these led the Sensex to trade near the level of 19323.33 i.e. down by 117.74 points & the Nifty to trade near the level of 5841.65 i.e. down by 36.35 points. The Midcap index and small cap index are both trading in red with the loss of six-tens of a percentage point and seven –tens of a percentage point respectively. On the sectoral front, all the indices except one are trading in red. The IT Index is trading as the only gainer with the gain of two-third of one percentage point.. On the other hand, Realty Index is the biggest loser with the loss of nearly one and half of a percentage point. This is followed by the Metal Index which is trading with the loss of nearly one and four-tens of a percentage point.

Further, the market breadth opened negative as one stock was seen advancing against three declining stocks.

Closing Market Update

The Indian benchmarks ended the day on a flat note on June 10, 2013. After opening with a gap up and scaling further heights, the benchmarks could not sustain and started drifting down. The moves were volatile and they finally settled on a flat note. Rupee plunged to a new low and mid caps were battered even as benchmark indices closed flat in a volatile session. With the RBI reluctant to support the rupee, outlook on the currency has turned bearish, and raised fears of foreign investors reducing exposure to Indian equities. But in past, the spike in USDINR has also resulted in making a bottom for benchmark index. It remains to be seen as to what happens this time. All these led the Sensex to close at the level of 19441.07 i.e. up by 11.84 points and the Nifty to close at the level of 5878 i.e. down by 3 points. The midcap index and the small cap index closed in red with the loss of nearly nine-tens of a percentage point and nearly eight-tens of a percentage point respectively. On the sectoral front, all the indicies closed mixed with negative bias. The IT Index closed as the biggest gainer with the gains of more than one percentage point. On the other hand the Consumer Durables Index closed as the biggest loser with a loss of more than two percentage point. This was followed by the Realty Index which closed with the loss of slightly more than one and half of a percentage point.

Further, the market breadth closed negative as five stocks were seen advancing against eight declining stocks.

Commodity Market Update(Gold):

On CMX, precious metals are trading lower since morning to continue its last session steep decline weighed by a better than expected Non-Farm Employment data. Actively traded Gold contract is losing $5.30 or 0.38% to trade at $1377.70 after having tested a low of $1375.60 whereas Silver futures plunged more than a percent or 25 cents to trade at $21.49 an ounce. Near term view on precious metals is bearish with next Support for Gold comes at $1360.00 and that for Silver comes at $21.25. On LME, base metals fell drastically during the morning hours with Copper trading at $7156.00, -1.09% or -$78.75 along with all other metals. We expect base metals to trade lower with a negative bias for the day. Crude Oil and Natural Gas futures on NYM is trading in red with Oil contract at $95.65, down by 0.40% and Natural Gas is at $3.82 almost unchanged since last closing. 

Morning Summary, Market Synopsis: 10th June, 2013

The major Indian equity benchmarks started the day on a positive note with a gap up on June 10, 2013.This was on the back of positive international cues. US stock markets enjoyed a strong finish to the week but proved volatile as investors appeared to struggle with how to interpret economic data-as a driver of profit growth or on the basis of Federal Reserve's policy. As such US markets were up by 0.9% during the week. On the other hand, in Asia, Chinese market is closed and Nikkei jumps over 3% on GDP revision. Indian rupee hit a new record low of 57.62 in morning trade, after opening at 57.25 per dollar on Monday as against Friday's closing of 57.06 a dollar. This weakness In rupee has created an atmosphere of cautiousness in the market. During last week a substantial amount has been withdrawn by fIIs from debt market. All these led the Sensex to trade near the level of 19479.54i.e. up by 50.31 points & the Nifty to trade near the level of 5896.25 i.e. up by 15.25 points. The Midcap index and small cap index are both trading in green with the gain of one fifth of a percentage point and three –tens of a percentage point respectively. On the sectoral front, the indices are trading mixed but with positive bias. The IT Index is trading as the biggest gainer with the gain of one percentage point. This is followed by the Capital Goods Index which is trading with the gain of more than six-tens of a percentage point. On the other hand, Healthcare Index is the biggest loser with the loss of nearly three-forth of a percentage point.

Further, the market breadth opened positive as seven stocks were seen advancing against five declining stocks.a

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