August 6, 2013

Market Pulse - 6 Aug, 2013

Market Pulse 6 Aug 2013Markets slumped, amid weakening Rupee and concerns of the RBI (Reserve Bank of India) would announce new measures to cap the liquidity in an attempt to avoid further fall in the Rupee. The S&P BSE Sensex dropped down by 449.22 points, or 2.34% to 18,733.04 while CNX Nifty index tumbled by 143.15 points, or 2.52%, to 5,542.25.

Among the sectoral indices, Consumer Durables index was the top loser felling down by 5.60% followed by Realty, Bankex, Metal, Capital Goods, Oil and Gas, Power, FMCG and Healthcare indices down between 1-4.6% each. In the broader market, the BSE Mid-cap and Small-Cap indices were down 1.8-2.6% each.

Among the index losers were, HDFC Bank and ICICI Bank were among the top Sensex losers which ended down over 4% each while HDFC ended down 5.9%. SBI eased 2.5%. Reliance Ind down by 2.4%, ITC slipped by 1.70%, Bajaj Auto ended down by 3.50%, Tata Powercrashed by 14.80%. Other Sensex losers include, Bharti Airtel, L&T, ONGC, and Hindustan Unilever.

The Rupee hit an all time low of 61.80 today as the liquidity tightening steps taken by RBI (Reserve Bank of India) since July 15 2013 failed to sustain the currency. The rupee was trading at Rs 61.03/05 per dollar at 16:45 after.

Tata Power slumped down by 14.80% after reporting worse and unexpected net loss of Rs 115 crore for the quarter ended Jun 2013, amid higher finance costs and foreign exchange losses.

Engineers India ended lower by 6.90% after company reported a decline in its net profit by 16% y-o-y (year-on-year) for the quarter ended June 30, 2013 at Rs 129 crore, amid fall in the operational income, compared to Rs 154 crore profit in a year ago quarter.

The overall Market breadth was firm weak with 1,599 shares as losers compared to 655 shares as gainers on the BSE.

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