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Rahul Sankrit
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Post Session: Quick Review - September 23rd, 2013

Indian markets remained in consolidation mood on Tuesday, waiting for the FOMC decision on stimulus tapering after its two days meeting. The markets across the globe looked cautious ahead of the Fedís meet and traders opted a wait and watch stance before going for any major decisions. The Indian markets that underperformed the regional peers in last session on disappointing WPI inflation numbers, remained in somber mood since beginning as the global cues were not that supportive and there was not much on domestic front that could support the markets, rather the weakness in rupee came as an additional pressure.

On the global front, though the US markets ended mostly in green overnight, the major Asian markets made a weak start, coming off their four months high ahead of the Fedís two days policy meeting and barring few most of them ended in red. Further the European markets made a soft and cautious start weighing on the sentiments of the domestic markets, there was selling in the Lloyds Banking Group companies, as the UK government sold 3.2 billion pound stake in the lender, five years after its rescue.

Back home, markets showed a choppy trade despite trading in a tight range, moving in and out of the red zone throughout the trading session. Traders were cautious not only because of the Fed meet, but also with the RBIís monetary policy meet, following it on September 20. Meanwhile, chairman of the PMEAC, C Rangarajan said that he expects the central bank to take into account inflation and the situation with regard to rupee while it takes a view on the monetary policy. Rupee however recovered from the lows of the day as foreign banks sold dollars. Gold finance companies were a bit under weather after the Reserve Bank of India (RBI) tightened rules for finance companies which lend against gold, in line with the recommendations of an internal panel. As per the new norm, gold loan financing companies should have appropriate infrastructure for storage of gold ornaments and made mandatory for NBFC to obtain prior approval of the Reserve Bank to open branches exceeding 1000. Companies like Manappuram and Muthoot Finance lost 4-9% for the day. Infra stocks too turned lower despite a positive start, ahead of a CCI meeting to consider seven stalled mega infrastructure projects, envisaging investment of around Rs 1.6 lakh crore. Markets spiked up in late trade supported by gains in the IT and technology pack after the rupee turned lower, though power, banking and realty counters remained on sellersí radar. The real estate sector kept reeling in red on a report of increasing inventory in major cities amid plummeting sales. Finally the markets managed a close in green, though the broader markets snapped the low volume of trade in red.

The market breadth on the BSE remained negative; advances and declining stocks were in a ratio of 1120:1235, while 129 scrips remained unchanged. (Provisional)

The BSE Sensex gained 50.52 points or 0.26% to settle at 19792.99.The index touched a high and a low of 19819.10 and 19635.44 respectively. Among the 30-share Sensex pack, 19 stocks gained, while 11 stocks declined. (Provisional)

The BSE Mid cap and Small cap indices ended lower by 0.44% and 0.10% respectively. (Provisional)

On the BSE Sectoral front, IT up by 2.14%, Teck up by 1.68%, Metal up by 0.93%, FMCG up by 0.80% and Auto up by 0.61% were the top gainers, while Realty down by 1.02%, Consumer Durables down by 0.86%, Power down by 0.85%, Bankex down by 0.82% and PSU down by 0.65% were the top losers. (Provisional)

The top gainers on the Sensex were Wipro up by 4.89%, Dr Reddys Lab up by 3.64%, TCS up by 2.45%, Jindal Steel up by 2.06% and Coal India up by 1.83%, while, Sun Pharma down by 3.37%, ONGC down by 2.28%, NTPC down by 1.78%, Hero MotoCorp down by 1.30% and Tata Steel down by 1.13% were the top losers in the index. (Provisional)

Meanwhile, the Department of Industrial Policy & Promotion (DIPP), the nodal ministry for the foreign direct investment (FDI) policy, has circulated a draft Cabinet note for relaxing foreign direct investment (FDI) norms for the housing sector with an objective to attract more foreign investment into the sector and provide houses at affordable prices to the people.
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