A1FS Views

Market in a nutshell

• Markets opened with a negative gap, and continued sliding as the session progressed. The final hour saw some amount of muted recovery with Sensex finally closing at 14,889 (down 177 points), while Nifty closed at 4,450 (down 51 points).
• Nifty June Futures were trading at a discount of 20 points to spot at the beginning of the session, which increased 30 points as the session progressed.
• Nifty Futures open interest increased by 3.5% indicating fresh shorts being built up during the course of the day. Towards the latter half, short covering was witnessed, resulting in the Nifty discount narrowing down to 10 points.
• BSE IT Index declined 3% to 4,284, with Infosys slacking 3% to INR 1,849. BSE Bankex sunk 2.5% to 6,862, with HDFC Bank falling 4.5% to INR 1,131.
• Market breadth was negative with an Advance: Decline Ratio of 1:2. Hinduja Ventures tumbled 9% to INR 239, while Tech Mahindra plunged 7% to INR 739.
• Cash volumes were at INR 191,205 mn (NSE+BSE) as against a 5 DMA of INR 194,571 mn. F&O volumes were at INR 538,933 mn as against a 5 DMA of INR 482,133 mn.

Eye Catchers

• Canara Bank retreated 6% to INR 186 with volumes of 958,346 (up 240%).
• Ranbaxy advanced 7% to INR 561 with volumes of 13,582,227 (up 250%).

Market News

• Rupee was steady at INR 42.96.
• Nymex crude eased a bit to trade at $135.18/ bbl. Base metals were trading on a mixed note, with zinc up 1%.
• HDFC posted a consolidated net profit of INR 27.13 bn for the year ended March 31, 2008 as compared with INR 17.42 bn in 2007.

Indices performance

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