Indian financial markets closed on a weak note today on the start of the new F&O series. Both the benchmark indices continue to drag their feet in the afternoon trade on weakness in banks, metals, capital goods and realty stocks. Indices witnessed selling pressure and made continuous day's lows as profit booking picked up in absence of positive triggers to drive the market higher. Nifty breached the 5850 level and fell down by 49.05 points and ended the day at 5833.20 while Sensex tanked by 166.58 points and closed at 19727.27 shedding approx. 1% to the previous close.
Start of the new F&O series is seen with cautious approach by market participants and markets remained in consolidation mood. After the recent rally of previous F&O series, market valuations are being expected to de-rate from current levels, with limited macro triggers for the markets in the near term and declining corporate earnings.
Meanwhile, Barclays lowered India's FY14 GDP forecast for the current fiscal to 4.7%, saying the growth and fiscal health of the country are likely to remain under pressure, with 2014 election dynamics adding to uncertainties. India's economic growth had slumped to decade low of 5% in 2012-13. It had slid to 4.4% during April-June quarter, the lowest in past several years, pulled down by drop in mining and manufacturing output.
All the sectoral indices pursued the corrective momentum of the market led by rate sensitive stocks except CNX FMCG, CNX IT and CNX Pharma, which registered insignificant gains at the end of the day. Bank Nifty was the biggest loosing indices with -1.97% and chased by CNX Finance (-1.70%), CNX Infra (-1.63%), CNX PSU Bank (-1.59%), CNX Metal (-1.58%) and CNX Realty (-1.32%).
Market breadth remained in negative terrain all day-long with 522 stocks advancing as against 641 stocks decline on NSE with 64 remaining unchanged.
Out of 50 stocks of Nifty, 12 stocks advanced against 38 declined.
Top 5 Nifty gainers: BPCL led the gainers chart on Nifty today gaining the most (6.03%) and joined in by HCL Technologies (2.40%), Sun Pharma (1.62%), Coal India (1.20%) and Hero Moto Corp. (1.05%).
Top 5 Nifty losers: BHEL topped the losers list by registering loss of -5.61% and followed by J P Associate (-5.59%), Tata Steel (-4.52%), DLF (-2.99%) and Kotak Bank (-2.93%).
To qualify IRDA (IC-33) Life Insurance Agents Examination, register with Intelivisto.com and buy Life Insurance Examination comprehensive question bank which features mock test, chapter-wise and full length test as per IRDA standards. It also includes performance analysis tools to analyze the performance. To know more call: +91-9582000102.
No comments:
Post a Comment