Domestic indices close down on weak Indian Rupee, negative global cues - ZENMoney

Domestic indices opened the session on a gap down note following negative global cues and with the Indian Rupee opening weak against US dollar. Selling was witnessed in the markets amid concerns over depreciating rupee, weak service PMI data and higher crude prices, which are likely to widen the current account deficit. Markets traded in a pessimistic way with heavy selling witnessed in frontline blue chip counters. With negative cues from European counter parts, indices ended the day deep in the red.

On a sectoral front, defensive sectors likeFMCGandHCare the only gainers of the day. Realty sector is the major looser of the day followed by metals, Consumer Durables, Power, Oil & Gas, Capital goods, Banks, Auto and IT sectors. Metal stocks were down sharply amid concerns over slowdown in China. Power sector witnessed selling on report that government may stop accepting fresh applications from power plants seeking coal supply for the next two years in view of acute coal shortage. Oil&Gas sector witnessed selling with higher crude prices on the back of brewing political concerns in Egypt.

Source : Equity Bulls

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