Post session - Quick review

Stock markets in India underwent a tormenting session of trade, with benchmark equity indices drooping over three fourth of a percent by the close of the trade. Relentless profit booking by risk-averse traders on concerns of slowdown in the global economy and monsoon woes mainly dented the sentiment.  In the range bound session of trade, benchmarks lacking any fresh positive triggers, failed to show any fervor and after gyrating around the negative territory for the entire session concluded the lackluster day of trade on poignant note. 30 scrip sensitive index Sensex, after facing stiff resistance near the 17400 psychological level, concluded above the 17350 mark, with loss of over a century points. Similarly, the widely followed index, Nifty, too offloading over 50 points ended sub 5300 level. The losses were more widespread for broader indices, which shut shop with a cut of over a percentage points each.

Relentless fall of Indian currency in light of bleak global cues spurred pessimism across the board at Dalal Street. Dragged by weakness in the euro on high demand for the American currency from banks and importers, the Indian currency traded near a week’s low level. Meanwhile, mood also turned somber after Indian Meteorological Department (IMD) reported that Monsoons were likely to miss July 15 deadline for clean sweep.

On the global front, Asian shares ended glum after last week's surprisingly weak jobs data from US stirring fresh concern about a worsening outlook for economic growth, with decline in machinery orders weighing heavily on Japan’s Nikkei 225. US employers hired at a dismal pace in June, with non-farm payrolls growing by just 80,000 jobs, the third straight month below 100,000. European equities too traded around one week-lows on Monday, as investors weighed relatively attractive valuations after three sessions of falls against weak global economic data and crisis rumblings from the euro zone. Sentiment was also mixed going in to a meeting of European finance ministers, as investors try to assess the chances of a speedy agreement over the fine print of the region's rescue plans.

Closer home, selling was witnessed across the board, as none among the 13 sectoral indices were spared, however, that featured in the list of worst performers included stocks belonging to Metal, Power and Capital Goods counter. Investor’s were also reluctant to build fresh position ahead of progress of monsoon, IIP and inflation data, important factors to be deciding for the trend in the near term. The market breadth on the BSE ended negative; advances and declining stocks were in a ratio of 1104:1757 while 110 scrips remained unchanged. (Provisional)

The BSE Sensex lost 148.76 points or 0.85% and settled at 17,372.36. The index touched a high and a low of 17,485.79 and 17,343.55 respectively. 3 stocks advanced against 27 declining ones on the index (Provisional)

The BSE Mid-cap index lost 1.30% while Small-cap index was down 1.13%. (Provisional)

On the BSE Sectoral front, there were no gainers while, Metal down 1.73%, Power down 1.61%, Auto down 1.33%, Capital Goods down 1.25% and Realty down 1.22% were the top losers.

The top gainers on the Sensex were TCS up 1.02%, Dr. Reddy’s Lab up 0.82% and Hindalco Industries up 0.08% while, ONGC down 2.06%, Jindal Steel down 2.98%, Hero MotoCorp down 2.64%, Tata Steel down 2.45%, Bajaj Auto down 2.37% and Maruti Suzuki down 2.34% were the top losers in the index. (Provisional)

Meanwhile, Mamata Banerjee, the Trinamool Congress (TMC) supremo remained unconvinced despite the Chief Economic Adviser of Finance Ministry, Kaushik Basu advocating that FDI in retail will be a win-win situation for the economy.

The praising words and advice on macro-economic issues by Basu failed to dilute the opposition’s stand on opening up of multi-brand retail sector to FDI in West Bengal. The proposal was stalled after the Trinamool, UPA's key partner; along with some opposition parties opposed the move.

Banerjee has been opposing FDI in retail, as she expressed fears that it would affect the livelihood of nearly 5 crore people.

India VIX, a gauge for market’s short term expectation of volatility gained 3.76% at 18.72 from its previous close of 18.04 on Friday. (Provisional)

The S&P CNX Nifty lost 46.25 points or 0.87% to settle at 5,270.70. The index touched high and low of 5,300.60 and 5,257.75 respectively. 4 stocks advanced against 46 declining ones on the index. (Provisional)

The top gainers on the Nifty were TCS up 1.14%, DLF up 0.88%, Dr. Reddy’s Lab up 0.34% and Hindalco Industries up 0.08%. On the other hand, Reliance Infrastructure down 3.55%, Jindal Steel down 3.16%, Ranbaxy Laboratories down 2.99%, JP Associates down 2.98% and Hero MotoCorp down 2.85% were the top losers. (Provisional)

The European markets were trading in red, with France's CAC 40 down 0.52%, Germany's DAX down 0.14% and Britain’s FTSE 100 down 0.36%.