July 3, 2013

Market Pulse - 3 Jul, 2013

Market Update
Markets after opening weak in the morning continued to slide down and settled at the day low, amid weak global cues, with banking sector leading the fall after the RBI mooted extra provisioning and capital requirement for banks exposure to companies with un-hedged Forex exchange position and also weakness in the rupee and rising crude oil prices weighed on market sentiment. Sensex closed down by 286.06 points or 1.47% at 19,177.76 after opening firm negative down by 116.71 points or 0.60% at 19,347.11 which too was the days high and touched a low of 19,147.31 while Nifty ended down by 86.65 points or 1.48% at 5,770.90 after weak opening down by 45.60 points or 0.78% at 5,811.95 and touched a high of 5,815 and a low of 5,760.40 for the day.

Sectoral wise, except for FMCG and Healthcare indices which ended the day in positive zone marginally up by 0.26% and 0.23%, all other indices ended in negative zone with Realty leading the list dropped down by 4.76%, followed by Metal and PSU down by 3.11% and 3.08%, Consumer Durables, Power, Oil & Gas, Capital Goods and Bankex declined between 3%-2%, while Auto and IT fell by 0.80% and 0.60%. Even in the Broader markets, both the indices Mid-cap and Small-cap ended in line with its benchmark index, Mid-cap dropped by 1.69% while Small-cap closed down by 1.44%.

Major index stock gainers were, Sun Pharmaceuticals gained up by 1.25%, Jindal Steel advanced up by 0.98% and ITC edged up by 0.42%.

Major index stock losers were, Tata Power, SBI, Sterlite Inds and Tata Steel dropped between 5%-4%, Hindalco Inds and ONGC declined by 3.61% and 3.48%, BHEL, Bharti Airtel, Wipro, HDFC, L&T, RIL and Dr Reddys Laboratories fell between 3%-2% Hero MotoCorp, ICICI Bank, Gail (India), Bajaj Auto, Maruti Suzuki and NTPC down between 2%-1%, HDFC Bank, TCS, Coal India and Tata Motors fell between 1%-0.50%, Mahindra & Mahindra marginally down by 0.19%, Hindustan Unilever and Cipla tad down by 0.09% and 0.06% while Infosys almost flat down by 0.01%.

Venus Remedies gained up 2.1%, after the company reported that it has been granted patent from the Japanese patent office for its antibiotic drug 'Elores'.

Gillette India advanced up by 2.5%, after reports of the Securities Appellate Tribunal (SAT) rejected the company’s bid to ease shareholding rules for the company.

Mangalore Chemicals and Fertilisers crashed down by 10%, on back of multiple block deals on the Bombay Stock Exchange (BSE).

Hindustan Copper closed down by 3.1%, extending its previous day’s nearly 7% fall, after the government has fixed floor price at Rs 70 per share for its 4.01% stake sale via offer-for-sale (OFS) today.

Overall market breadth was firm negative with 1,528 shares declined as compared to 787 shares advanced while 129 shares remained unchanged.

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