Post Market Review - July 14 2010

Markets, after opening with a gap up, saw a sustained downward move through the trading session to close in red,



though marginally. Benchmark indices lost nearly 1.3% from the highest point of the day to close lower by a fourth of a percent, breaking a four day winning streak. Sensex lost 47 points to close at 17938 while Nifty ended at 5386, down 14 points. BSE Mid-cap and Small-cap indices lost 0.5% and 0.3% respectively. WPI inflation for the month of June came in at 10.55% versus 10.16% in May, market estimate being 10.94%. L & T gained more than 2% on the back of reports that the company has emerged lowest bidder for a Rs. 12000 cr. Hyderabad metro rail project. European markets, after opening marginally higher, slipped into the red and were trading lower by half a percent, led lower by banking stocks on concerns about stringent rules for the sector. US stock indices futures were up about half a percent ahead of reports on consumer confidence, mortgage applications, retail sales and minutes of FOMC meeting.



BSE IT and Teck indices lost 1.4% and 1.1% respectively, becoming the top losers among the sectoral indices while Capital Goods and Consumer Durable indices gained 1.1% and 0.6% respectively. Idea Cellular and M & M were the top losers among the Nifty stocks, shedding 2.9% and 2.4% respectively while L & T and SBI gained the most, up 2% and 1.5% respectively. BSE advance-decline ratio stood at 1:1.3.