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MTECHTIPS:-Technical Snapshot:
The Nifty futures started the month of June on a daunting note with the benchmark equity indices getting pummeled by over one and half a percent and slipping below crucial technical levels. The frontline equity indices traded in a narrow range for most part of morning trades but a sharp wave of selling pressure emerged in late morning trades around the psychological 4,900 levels, which pushed the key gauges into a downslide.
HSBC survey highlighted that though India's manufacturing PMI slipped slightly to 54.8 in May from 54.9 in April, the manufacturing sector kept up its steady expansion as slowing growth of domestic order books was evened out by fast-rising output. Besides, the slight appreciation in rupee against the US dollar did little to support sentiments in the falling market. Shares from the Auto sector got hammered by over two percent after companies released a weaker than expected monthly sales numbers.On the sectoral front, investors were seen squaring off hefty positions from the Capital Goods counter, which got battered by about three percent, being the top laggard in the space a day after reports showed India's eight core industries growth, having a combined weight of around 38% percent in the IIP, slowed down to 2.2 percent in April from the 4.2 percent in last April. Though largely across the board selling was evident, investors showed some buying interest in the defensive FMCG sector which traded with gains of around one third of a percent.
The Nifty futures started the month of June on a daunting note with the benchmark equity indices getting pummeled by over one and half a percent and slipping below crucial technical levels. The frontline equity indices traded in a narrow range for most part of morning trades but a sharp wave of selling pressure emerged in late morning trades around the psychological 4,900 levels, which pushed the key gauges into a downslide.
HSBC survey highlighted that though India's manufacturing PMI slipped slightly to 54.8 in May from 54.9 in April, the manufacturing sector kept up its steady expansion as slowing growth of domestic order books was evened out by fast-rising output. Besides, the slight appreciation in rupee against the US dollar did little to support sentiments in the falling market. Shares from the Auto sector got hammered by over two percent after companies released a weaker than expected monthly sales numbers.On the sectoral front, investors were seen squaring off hefty positions from the Capital Goods counter, which got battered by about three percent, being the top laggard in the space a day after reports showed India's eight core industries growth, having a combined weight of around 38% percent in the IIP, slowed down to 2.2 percent in April from the 4.2 percent in last April. Though largely across the board selling was evident, investors showed some buying interest in the defensive FMCG sector which traded with gains of around one third of a percent.
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