Market Review of 25 May 2013


Indian equity markets witnessed some recovery on Friday after suffering a sharp set-back in the previous session, partly stoked by worries of Fed unwinding its monetary stimulus earlier than expected and partly tailing the brutal massacre in Asian counterparts. Benchmarks, snapping four consecutive sessions’ declining streak, notched higher, as investors’ saw the recent dips as the opportunity to enter into the market. However, the gains of local equity markets remained quite restricted on account of cautious approach by select traders going to the F&O expiry week. The benchmark 30 share index, Sensex gaining over a quarter of a percent, ended above the psychological 19,700 mark, while widely followed index, Nifty, gaining similar magnitude of gains, ended just shy of the crucial 6000 mark. Broader indices too enticing traction for the session went home with gains of over a quarter percent. Despite negotiating a positive close for the session, both benchmark equity indices, Sensex and Nifty, snapped the week, with a colossal loss of over 3%. For the week, NSE Midcap index plummeted by 4.5%

Larsen & Turbo, which climbed 3% after the recent sell-off in the previous two sessions was seen as overdone, mainly lifted the Capital Goods (CG) sector higher. Meanwhile, banking space was mainly led by private sector banks. Stocks of ICICI Bank, HDFC Bank and Yes Bank gained in the range of 0.50-2.50%. On the flip side, due to sharp plunge of Wockhardt, Health Care Counter was the worst performer amongst the sectoral space, following the suite were stocks from Information Technology and Auto counters.

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