Post Session- Sensex extends losing streak, ends lower by 23 points Analysis for Jul 26, 2013

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The key domestic benchmarks had a quiet day as the Sensex posted its third straight loss, down by 23 points with investors staying on the sidelines ahead of the policy meet of the RBI next week. However, there is very little hope of a rate cut next week given that the RBI is focussed on stemming the fall in the rupee. The RBI"s recent liquidity tightening measures may worsen the health of corporate India as a cash squeeze deepens, rating agency CRISIL warned. The agency also downgraded India"s economic growth forecast to 5 per cent in FY 2013-14 from 5.5 per cent estimated earlier.

On the Asian front, major stocks ended in the red as concerns over China"s economy lingered while investors eyed earnings reports from big Japanese companies. Shanghai Composite ended lower after China cut excess production capacity in more than 1400 companies in 19 industries, a sign that policymakers are comfortable with slower economic growth. Hang Seng closed higher as investors remained optimistic over the outlook for the world"s biggest economy following robust durable goods orders data. Nikkei 225 plunged as a stronger yen dampened the outlook for exporters while disappointing corporate earnings numbers weighed on sentiment.

The BSE SENSEX closed at 19,780.99, down by 23.77 points or by 0.12 per cent and the NSE Nifty ended at 5,911.2, up by 3.7 points or by 0.06 per cent.

The BSE Sensex touched intraday high of 19,907.45 and intraday low of 19,762.23. The NSE Nifty touched intraday high of 5,944.5 and intraday low of 5,897.8.

Meanwhile, the BSE MIDCAP closed at 5,797.71, down by 39.71 points or by 0.68 per cent, while the BSE SMLCAP ended at 5,539.9, down by 22.29 points or by 0.40 per cent.

On the Sectoral front, Metal and Banking shed 2.29 per cent and 1.67 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2005, shares advanced were 749 while 1136 shares declined and 120 were unchanged.

The top losers of the BSE Sensex pack were Coal India Ltd. (Rs. 278.00,-5.57%), Maruti Suzuki India Ltd. (Rs. 1358.25,-3.96%), Hindalco Industries Ltd. (Rs. 98.55,-3.52%), Hindustan Unilever Ltd. (Rs. 664.10,-3.26%), State Bank of India (Rs. 1758.00,-2.30%), among others.

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Story first published: Friday, July 26, 2013, 17:00 [IST]
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