Post-Market: Market ends the range bound session lower Analysis for Jun 04, 2014

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The key Indian averages ended below the neutral line as the investors shifted focus to the fundamentally sound broader market stocks from the over-weighted benchmark indices. BSE Mid-cap and Small cap gained around 2 per cent each at the end of today"s session. Capital goods, metals and realty stocks were also in buyers' radar. Shares of firms involved in life insurance business rose on renewed buying following recent media reports that the finance ministry could recommend an increase in the limit on foreign direct investment in insurance sector from 29% to 46%. Moreover, caution prevailed in the market ahead of the ECB meet due tomorrow. At the higher levels, the markets did not discount the numbers of the HSBC India Composite Output index released by Markit Economics which edged up marginally to 50.7 in May from 49.5 in April, indicating growth of India's private sector output for the first time in three months.

At closing BSE SENSEX was at 24805.83 down by -52.76 points or by -0.21 % and then NSE Nifty was at 7402.25 down by -13.6 points or by -0.18 %. The BSE MIDCAP was at 8865.94 up by 160.88 points or by 1.85 % while the BSE SMLCAP was at 9488.71 up by 182.84 points or by 1.96 %. The BSE Sensex touched intraday high of 24925.9 and intraday low of 24773.93 The NSE Nifty touched intraday high of 7433.3 and intraday low of 7391.35.

The top losers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 2089.40,-1.92%), Oil And Natural Gas Corporation Ltd. (Rs. 409.00,-1.87%), Bharti Airtel Ltd. (Rs. 353.45,-1.59%), Reliance Industries Ltd. (Rs. 1077.90,-1.54%), Housing Development Finance Corporation Ltd. (Rs. 902.35,-1.14%), among others.

The top losers of the NSE Nifty pack were HCL Technologies Ltd. (Rs. 1308.25,-2.97%), Tata Consultancy Services Ltd. (Rs. 2089.25,-1.85%), Bharti Airtel Ltd. (Rs. 353.90,-1.75%), Reliance Industries Ltd. (Rs. 1077.50,-1.63%), Oil And Natural Gas Corporation Ltd. (Rs. 411.00,-1.38%), among others.

On the sectoral front, BSE_IT index was at 8346.87 down by -107.59 points and BSE Oil & Gas index was at 11216.55 down by -142.95 points

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3297, shares advanced were 2199 while 986 shares declined and 112 were unchanged.

Asian markets ended lower with the exception of Nikkei, which touched 2-month closing highs on Tuesday as investors remained cautious ahead of the ECB meet on Thursday. With weaker-than-expected Euro zone inflation figures adding pressure on the European Central Bank to act and ward off the deflation risk, the Governing Council is expected to discuss several measures, including interest rate cuts, cheap loans to banks and large-scale asset purchases to boost the region's economy. Japan's Nikkei stock average ended up 0.2% at 15,068. Shanghai ended down 0.7%, Hang Seng lost 0.6% and Straits Times ended down 0.5%.

Story first published: Wednesday, June 4, 2014, 17:12 [IST]
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