MTECHTIPS

MTECHTIPS:-Technical Snapshot:
The Nifty futures  opened  on a flat note,  and  the  truncated special session witnessed choppy trading and closed the day with gains. The NSE’s 50-share broadly followed index Nifty, gained by one third of a percent to settle just above the psychological 5,200 support level while Bombay Stock Exchange’s Sensitive Index  -Sensex added fifty three points to finish below the crucial 17,200 mark. Moreover, the broader markets too gained traction and outperformed their larger peers by a slight margin as they settled with around half a percent
gains.Sentiments were cautious as after the S&P’s downgrading of economic outlook, IMF lowered India's growth forecast to 6.9 percent for this year. However, the multilateral agency has retained India's growth estimate at 7.3 percent for 2013. Investors showed across the board buying interest with the PSU counter being the top gainer after amassing over a percent gains. The rate sensitive counters too remained in limelight and helped the benchmark indices move higher. Though there remained no sectoral laggard, some individual names like heavyweight Reliance, Bharti Airtel and L&T failed to keep their heads above the water and settled with marginal losses. The markets gained on extremely tepid volumes while the market breadth remained optimistic as there were 1196 shares on the gaining side against 656 shares on the losing side while 338 shares remained unchanged.