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Sensex, Nifty will continue to make attempts to rally – Tuesday closing report

Nifty will make repeated attempts to move higher on positive announcements but the market is highly overbought

The market opened in the green today but immediately slipped into the red and within the first hour of the session hit the day’s low. But it gathered strength and marched up making a higher low on its path of recovery. The intraday recovery helped the indices close marginally higher today. The market sentiment was affected adversely after the Indian Meteorological Department (IMD) said late on Monday rainfall over the country as a whole for the 2014 southwest monsoon season (June to September) is likely to be below normal.

Sensex opened at 25,706 while the Nifty opened at 7,679. The indices hit a low at 25,347 and 7,579. The benchmarks recovery pulled them up to the level of 25,711 and 7,683. Sensex closed at 25,584 (up 3 points or 0.01%) while Nifty closed at 7,656 (up 2 points or 0.02%). The NSE recorded a volume of 166.95 crore shares. India VIX rose 2.53% to close at 16.6625.

Among the other indices on the NSE, the top five gainers were IT (2.41%), Pharma (1.65%), NI15 (1.22%), Consumption (0.61%) and Service (0.27%) while the top five losers were Realty (2.98%), PSU Bank (1.74%), PSE (1.60%), CPSE (1.47%) and Commodities     (1.13%).

Of the 50 stocks on the Nifty, 22 ended in the green. The top five gainers were Infosys (3.17%), Tech Mahindra (2.72%), Wipro (2.69%), Cipla (2.64%) and Cairn (2.28%). The top five losers were DLF (3.63%), Grasim (3.37%), Ambuja Cements (3.14%), Bhel (3.08%) and Tata Steel (2.91%).

Of the 1,605 companies on the NSE, 800 closed in the green, 766 companies closed in the red while 39 companies closed flat.

After IMD's forecast of below normal rains this year, agriculture minister Radha Mohan Singh on Monday reaffirmed government's seriousness in tackling any situation arising out of poor monsoon. He also mentioned that they are ready with the contingency plans, state governments have been suitably advised, sufficient food stocks are in place, and quick action will be taken to tackle any situation arising out of deficient monsoon, he said.

 Among the news today, the Essar group controlled by brothers Shashikant and Ravikant Ruia, are consider delisting of its publicly traded group companies. One of the group companies, Essar Oil (8.41%) was among the top three gainers in the ‘A’ group on the BSE.

 Recently Shree Cement came out with its plan to establish a three million tonne per annum (mtpa) cement grinding mill at Odapada in Dhenkanal district at an investment of Rs 452.55 crore. The cement maker has opted for the site as it can use fly ash generated from power plants concentrated in Dhenkanal district. Shree Cement (4.57%) was among the top six losers in the ‘A’ group on the BSE.

 Rupee weakened today against dollar. All the pharma and software stocks in the Sensex 30 pack closed in the positive today, Cipla (2.76%), Wipro (2.73%), Infosys (2.73%), TCS (1.98%), Dr Reddy’s (1.72%) and Sun Pharma (1.25%).

 Again today ONGC was among the top losers in the Sensex 30 stock, fell 2.74%.
US indices closed marginally in the green on Monday.

 Except for Nikkei 225 (0.85%), NZSE 50 (0.15%) and Straits Times (0.34%) all the other Asian indices closed in the green. Jakarta Composite (1.25%) was the top gainer.

 China's central bank said it will cut the level of deposits that banks have to keep with it by 50 basis points for some lenders.
 
China's inflation accelerated in May to the fastest pace in four months on food costs, while a decline in factory-gate prices moderated. Consumer prices rose 2.5% from a year earlier, the statistics bureau said today in Beijing. The producer-price index fell 1.4% after a 2% decline the previous month.

 European indices were showing mixed performance while US Futures were trading lower.

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