May 31, 2013

Market Pulse - 31 May, 2013

Fri, May 31, 2013 at 16:00 PM
Markets crashed after, GDP data .
Markets opened weak in the morning and traded weak till late noon and crashed down further as GDP data was announce, which was in line with expectations, weighed on Banking and Realty sectors shares as hopes for rate cut by RBI (Reserve Bank of India) faded which is scheduled next month. Sensex closed down by 455.10 points or 2.25% at 19,760.30 after opening weak down by 28.73 points or 0.14% at 20,186.67 and touched a high of 20,191.29 and a low of 19,730.55 while Nifty ended down by 138.10 points or 2.26% at 5,985.95 after opening down by 25.35 points or 0.41% at 6,098.70 and touched a high of 6,106.25 and a low of 5,977.55 in the day.

Sectoral wise, barring IT index which managed to close positive up by 0.94%, all other indices slipped into negative zone with Realty index leading the list dropping by 3.20% followed by indices were, Oil & Gas, FMCG, Bankex and PSU declined between 3%-2%, Power, Auto, Metal, Capital Goods and Consumer Duables fell between 2%-1% while Healthcare index was down by 0.85%. From the broader markets Mid-cap and Small-cap indices too closed negative with Mid-cap index closed down by 1.27% and Small-cap index fell by 1.50%.

Major stock gainers were, Infosys surged up by 2.79%, Sterlite Industries Limited gained up by 2.58% while Tata Consultancy Services closed almost flat up by 0.07%

Major stock losers were, Bharti Airtel Limited, Gail (India), Jindal Steel & Power Limited and ITC dropped between 5%-4%, Hindalco Industries Limited, Mahindra & Mahindra, HDFC, Reliance Industries Limited, Tata Steel Limited, Cipla Limited, HDFC Bank Limited and Wipro Limited declined between 4%-3%, BHEL, Sun Pharmaceuticals, ICICI Bank Limited and ONGC fell between 3%-2%, State Bank of India, Maruti Suzuki, Larsen & Toubro, NTPC, Hero Motocorp, Tata Power Company and Tata Motors Limited declined between 2%-1%, Coal India Limited, Bajaj Auto and Dr Reddys Laboratories fell between 1%-0.50% while Hindustan Unilever down by 0.34%.

GDP for fourth quarter grew at 4.80% per cent as against of 4.70% for previous quarter, which is marginally lower than an estimate of 4.9%. The GDP growth figure for Q3 has been revised to 4.70% against 4.50% earlier. GDP for FY13 grew at 5%, which is lowest in a decade, against 6.20% year-on-year (y-o-y). Helped by higher revenue mop up, fiscal deficit for 2012-13 worked out to be at 4.89% of GDP down revised from estimate of 5.20%.

Overall market breadth was firm negative with 1,589 shares declined compared to 791 shares advanced while 119 shares remained unchanged.

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