July 31, 2013

Market Pulse - 31 Jul, 2013

Market Pulse 31 Jul 2013Markets wiping out its initial losses and closed on a flat note after a volatile trading session as investors braced for the US Federal Reserve policy meeting with caution. S&P BSE Sensex closed lower by 2.60 points or 0.01% at 19,345.70 after falling to 19,126.82 intra-day low. The index has lost over 955 points in the last six sessions. Similarly CNX Nifty fell by 13.05 points or 0.23% to 5,742 led by banking and interest-related stocks.

Among the key sectoral indices, Realty sector index suffered the most by losing 2.30%, followed by FMCG index by 2.26%. Banking index dropped by 1.84% and Power index fell by 1.67% while IT, Metal and Consumer Durable sectors gained. The broader markets ended lower with mid-caps and small-caps falling nearly 1 per cent on the BSE.

The gainers included counters such as Wipro rising 4%, Bharti Airtel gained 7%, Dr Reddy’s rose 4.7%, BHEL was up 3.6% respectively on the BSE.

The laggards were NTPC declining 5%, HDFC Bank shed 2.5%, ITC dropped 2.5% while Cipla was down 2% on the BSE.

Rupee fell to as low as 61.17 to the dollar in today’s trade on month-end dollar demand from importers. At closing, the partially convertible currency traded at Rs 60.86 compared with previous close of Rs 60.49 against the dollar.

NTPC dropped by 5%, extending its previous day’s fall of 3%, after reporting net profit at Rs 2,527 crore, as compared to Rs 2,499 crore a year ago, a marginal 1% year-on-year (yoy) growth for the quarter ended June 2013 (Q1), amid low demand for electricity.

YES Bank crashed over by 7%, after reports of, that the RBI (Reserve Bank of India) stated that it is seized of the ongoing boardroom battle at private lender and may make necessary changes in the required norms on appointment of directors on bank boards, if needed.

The overall market breadth was firm negative. Out of 2,370 stocks traded, 1,392 stocks declined while 837 stocks advanced on the BSE.

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