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Market Report

Tuesday, 04-June-2013

NSE

  • The 30-share index fell by 64.70 points, or -0.33 per cent, to 19,545.78 today. It had lost 605 points in the last two sessions. Similarly, the broad-based National Stock Exchange index Nifty closed lower by 19.85 points, or -0.33 per cent, to close at 5,919.45 today.

  • Brokers said the trading sentiment was hurt after data released by HSBC yesterday showed manufacturing sector's output fell in May, its first decline since March 2009, as order flow weakened and power outages affected the sector. Also, selling pressure gathered momentum during fag-end hours of trade today and reduced the impact of firming trend in overseas markets, they added.

  • European markets rebounded on Tuesday to open higher, amid encouraging employment data from Spain and positive cues from the US markets on Monday. Chinese shares were the biggest drag on regional bourses, with Shanghai shares shedding 1.2%. Japan's Nikkei share average climbed more than 2% to mark its biggest one-day rise in three weeks on Tuesday.

  • Market is being sold by large players, says Ashwani Gujral. It seems that only 10-15 of those stocks are coming down, whereas the rest of the market is holding pretty well. Focus on the midcap segment as the market is declining. It is very clear that the stocks that FIIs held and which became expensive are the ones that are coming down and not the broader market, he adds.

  • Market direction still remains on the downside, says Mitesh Thacker. The overall direction still remains on the downside, but we are trading with some marginal long positions, he adds.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)