Daily Market Wrap

On the last day of trading this week, the markets closed with moderate gains today and barring oil & gas, all sectoral indices closed positive. The CNX Midcap index was up 0.9% and the BSE Smallcap index gained 0.3%. The market breadth was positive with advances at 817 against declines of 606 on the NSE. Metals was top rising sector today. Other sectors with substantial gains included capital goods and banking and oil & gas was the only sector that closed negative. The Sensex closed at 17563, up 81 points from its previous close, and the Nifty shut shop at 5284, up 18 points. The CNX Midcap index closed with 1% gain while the BSE Smallcap index gained 0.4% in today's trade. The market breadth was positive with advances at 818 against declines of 612 on the NSE. The top Nifty gainers were Ambuja Cements, Hero MotoCorp, Hindalco and Cairn, havells, sun tv, gsk, voltas, shree cement, lanco infra while the biggest losers included Ranbaxy, Tata Power, Reliance Infra, jain irrigation, motherson sumi, crisil and Dr Reddy's. 

The market had a gap up opening on the back of positive cues from the US markets. The mood was somewhat relaxed as Greece dropped the idea of a referendum on bailout package and European Central Bank unexpectedly lowered interest rates to 0.25% at 1.25%. After touching the intraday high the market witnessed some profit booking which result in Sensex slipping down briefly into negative terrotory . Reliance witnessed cut of around 1% during the afternoon session even as few FMCG and auto stocks too slipped under pressure. Positive openings in European market enabled the market to bounce back from the lows and end the day on a positive note. Midcap and small cap stocks outperformed the front liners. 

The market could not sustain those gains in the second half of trade due to volatility in Europe, especially ahead of G-20 meet. Investors too were worried about the financial and political stability in the eurozone. Some global experts believed that Greek default has already been priced in and not the focus is more on Italy, Spain and the banking side of the problem.  Total traded turnover was more than Rs 1.05 lakh crore.

NIFTY FUTURE-

Nf in the opening had merely less than 30 points range of high and low, however it slipped in 1st hour of trade to make a low of around 5320 and then trading for most of the day around 5330-40 levels before finally rising to make day high of 5353.95 and then giving up gains in next 30-50 minutes making a low of 5283 and then rising again to end the day at 5318 with a premium of around 35 points to spot index. Traders had hard times earning points on the rise, which was illusive and ate mosts' stoploss. While sell positions put above 5315 levels were at least parted with 20 points with ease.

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Weekly Market Wrap-

The markets closed in negative territory this week, with auto being the worst performer. Midcap counters outperformed largecap stocks and the CNX Midcap index was the only one that closed positive.The Sensex was down 1.4% while the Nifty lost 1.5% during the week. The CNX Midcap index was up 1.1% and the Bank Nifty lost 1% over the week. The BSE IT was down 1.3%, BSE OilGas lost 1.7%, BSE Auto was down 3.5% and BSE Metal closed with 2.5% loss during the week. The top Nifty gainers during the week were HUL, RComand SBI while the biggest losers included Tata Motors,ICICI Bank, SAIL and Mahindra & Mahindra.