Mid-Market- Sensex stays in red as weak manufacturing aggravates slowdown fears Analysis for Jun 03, 2013

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The key domestic benchmarks were trading in the negative terrain as the Sensex remained in the red in noon trade after a report said that manufacturing activity in India grew at the weakest pace in 50 months, raising concerns over a deepening slowdown in Asia"s third biggest economy. The HSBC PMI fell to 50.1 last month from 51 in April 2013, with a reading above 50 signaling expansion. Further, bearish cues from Asian markets also played spoilsport as investors weighed mixed Chinese manufacturing data while Japanese stocks slumped amid a drop in capital spending and fears that the US Fed may scale back stimulus.

At 12:28PM, the BSE SENSEX was at 19,674.04, down by 86.26 points or by 0.44 per cent and the NSE Nifty was at 5,959.75, down by 26.2 points or by 0.44 per cent.

The BSE Sensex touched intraday high of 19,860.19 and intraday low of 19,631. The NSE Nifty touched intraday high of 6,011 and intraday low of 5,941.9.

Further, the BSE MIDCAP was at 6,413, up by 23.53 points or by 0.37 per cent, while the BSE SMLCAP was at 5,948.23, up by 4.77 points or by 0.08 per cent.

On the Sectoral front, Oil & Gas and Power shed 1.44 per cent and 0.93 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2173, shares advanced were 918 while 1116 shares declined and 139 were unchanged.

The top losers of the BSE Sensex pack were Bajaj Auto Ltd. (Rs. 1750.20,-3.97%), Maruti Suzuki India Ltd. (Rs. 1562.00,-2.75%), Hero MotoCorp Ltd. (Rs. 1684.50,-2.67%), Sun Pharmaceutical Industries Ltd. (Rs. 1018.40,-2.59%), Reliance Industries Ltd. (Rs. 790.90,-1.82%), among others.

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Story first published: Monday, June 3, 2013, 14:20 [IST]
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