Investors sentiment remained weak - ZENMoney

Domestic indices opened the session on a weak note following mixed global cues. Investors' sentiments remained weak on the back of sluggish core sector growth, recorded at 2.3% inMaythis year against 7.2% in the year-ago period, mainly on the back of contraction in coal, crude oil, natural gas and fertilizer output. Also, the government's effort to increase FDI limits in sectors such as defense and telecom is likely to get a jolt with thehomeministry opposing higher ceiling, raising security concerns weighted on market sentiments. Markets traded in a range for most of the day with negative bias and continued selling pressure in afternoon session. Along with weak European cues, indices ended the day in deep red.

On a sectoral front, Most of the sectors traded in red except CD and HC. Realty sector came as top looser of the day followed by Oil & Gas, Banks, Auto, IT, CG, Metal, Power and FMCG sectors. IT stocks fell for a second straight day, on worries around the immigration bill and its FY14 revenue guidance. Oil&Gas stocks edged higher in the morning session after government hiked diesel price by 50 paisa per litre, the sixth increase in rates this year, however couldn't sustain the gains till the end of the day. Selling in automobile sector edged lower after reporting lower sales numbers in June due to slow down in demand.

Source : Equity Bulls

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