Post-Market: Sensex ends on a lacklustre note Analysis for May 30, 2014

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On the lack of enthusing triggers from the global and domestic markets, the Indian bourses closed the choppy session on a negative note, plummeting 2 percent. Considering the consolidation that the market underwent, the investors are looking forward to the credit policy on June 3, the Budget in the beginning of July and/or some big-ticket reform measures on the part of the new government to give further direction to the markets. Additionally, the lower percentage (60 per cent as compared to 65 per cent in the previous month) of rollover of the May derivative contracts shows that the investors are not risk wary given right direction. At closing, BSE SENSEX was at 24217.34 down by -16.81 points or by -0.07 per cent and then NSE Nifty was at 7229.95 down by -5.7 points or by -0.08 per cent.

The BSE MIDCAP was at 8467.22 up by 32.82 points or by 0.39 % while the BSE SMLCAP was at 9015.73 up by 30.36 points or by 0.34 %.

The BSE Sensex touched intraday high of 24353.59 and intraday low of 24163.62 The NSE Nifty touched intraday high of 7272.5 and intraday low of 7118.45.

The top losers of the BSE Sensex pack were State Bank of India (Rs. 2541.90,-2.24%), HDFC Bank Ltd. (Rs. 794.10,-2.03%), Tata Motors Ltd. (Rs. 415.45,-1.97%), Housing Development Finance Corporation Ltd. (Rs. 876.60,-1.93%), Maruti Suzuki India Ltd. (Rs. 2269.50,-1.59%), among others.

The top losers of the NSE Nifty pack were Bank of Baroda (Rs. 842.65,-3.89%), Bharat Petroleum Corporation Ltd. (Rs. 521.90,-2.65%), Power Grid Corporation of India Ltd. (Rs. 122.00,-2.44%), State Bank of India (Rs. 2542.25,-2.28%), Housing Development Finance Corporation Ltd. (Rs. 876.80,-2.24%), among others.

BSE, BSE_CDS index was at 7713.46 down by -139.51 points and BSE_Bankex index was at 16953.86 down by -273.77 points In stock-specific news, defence equipment manufacturers welcomed the step as the new government has swung into action to hike the defence FDI to 100 percent from 26 percent. BEL, BEML and Papaya Defence rallied around 5 per cent each. Rail-related shares surged on media reports that the government is likely to announce foreign direct investment policy for railways soon.

Asian indices ended the day on a lackluster note after an overnight data showed that the US economy shrank by an annualized rate of 1 percent in the first quarter of 2014, the first contraction since early 2011 despite resilient demand from consumers. Investors also looked ahead to Chinese official PMI data slated for release over the weekend and the June 5 policy meeting of the European Central Bank for further clues on the global economic outlook. Japanese shares ended slightly lower, snapping a six-day winning streak as investors locked in some profits reacting to a slew of economic data that painted a mixture picture of the economy. The benchmark Nikkei average slipped 49 points or 0.34 percent. China's Shanghai Composite Index edged down 0.07 percent to 2,039.21 as investors adopted a cautious stance ahead of a long weekend. Hong Kong's Hang Seng Index, meanwhile, rose 0.31 percent to 23,081.65, led by gains in property developers.

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Story first published: Friday, May 30, 2014, 17:12 [IST]
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