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Market Commentary
Indian Markets snap 3 week losing streak - ZENMoney
Posted On : 2013-06-30 22:05:54( TIMEZONE : IST )
The market snapped the 3 week losing streak to close higher on the back of positive economic data, recovery in rupee, rising expectation of more fiscal and economic reforms on the domestic front coupled with optimism that the U.S. Fed will not rein in its stimulus measures immediately. During the week, Sensex and Nifty added 622 and 175 points to end at 19396 and 5842 respectively.
Taking cues from weak global markets amid worries about China's economic and financial stability the domestic markets started the week on a negative note. With the weakening rupee to a record low of 60.76 levels against the dollar, continuous selling by FII's weakened the sentiment further. However, strong global cues amid easing concerns over tapering of U.S bond buying program, lower than expected India's current account deficit that stood at $18.1 billion or 3.6% of theGDPin the March Qtr, improved the market sentiment. Further recovery of rupee from record low levels coupled with hefty hike in regulated gas prices by CCEA to US$ 8.4/mmbtu, effective April 2014 raised hopes of major reforms by the Government and it propelled markets higher to close above crucial levels of 19000 & 5800 levels respectively.
FIIs continued to trim their positions during the week due to depreciation of rupee to record low levels. During the previous five sessions, they net sold equities to the tune of Rs 5998 Cr. While Mutual Funds on the other hand took advantage of the market's volatility and came in
as net buyers worth Rs 553 Cr.
Oil & Gas stood as top gainers as buying was seen in the space after the Govt. approved the new gas pricing policy. With the weakening of rupee against the dollar to record low levels IT stocks too witnessed buying. Banking stocks too edged higher as buying was seen in the space. During the week, Consumer durables andFMCGstocks witnessed selling. Realty sector stocks too remained under pressure, during the week.
As on Friday, the advance to decline ratio stood at 14:5 indicating improving market sentiment.
