The markets had a sluggish closing on the last day of May derivatives series due to selling pressure in financials and pharma shares. The weakness in most Asian markets, muted corporate earnings and growing prospects that the Federal Reserve may raise interest rates led to cautiousness on the Street. The tepid close, however, masked the intra-day volatility that resulted from F&O rollover pressures. The Sensex oscillated in a range of around 300 points before ending at 27,506, lower by 58 points or 0.2% and Nifty settled at 8,319, down 16 points. The broader markets also ended in the red, with BSE Midcap and Smallcap indices shedding 0.5% and 0.1% at 10,560 and 11,145 respectively. The market breadth was weak. Out of 2,776 stocks traded on the BSE, there were 1,258 advancing stocks as against 1,404 declines. In economy-related news, India's economic growth rate in the January-March quarter is likely to slip to 7.2% from 7.5% in the previous three months, mainly on account of lower production and weak global demand, credit rating agency Moody's said today. It also raised questions on the new GDP data series by the Central Statistical Organisation (CSO), which takes 2011-12 as the base year, saying that new data "is dubious" as they do not align well with other indicators of economy. In other related news, the government is scheduled to announce the data on India's gross domestic product (GDP) growth for Q4 March 2015 on Friday. On the monsoons front, Skymet said that conditions are favorable for the onset of Southwest Monsoon in India. The private weather forecaster expects monsoons to hit Kerala around 30 May. RUPEE The rupee staged a smart recovery, by 15 paise to 63.86, against the US dollar Thursday at the Interbank Foreign Exchange on fresh selling of the dollar by exporters. The rupee had weakened in the past three trading sessions. GLOBAL MARKETS China stocks dived by 7% at 4620 on Thursday, posting their biggest fall in four months, after several major brokerages tightened requirements on margin financing, triggering fears of further measures by regulators to reduce leverage in the red-hot market. Media reports also suggested that China's sovereign wealth fund has reduced its stake in China's banks. Hang Seng has slumped by 2%, while SET, Jakarta and Straits Times indices are also trading in the red, albeit marginally. The European indices, including the FTSE and CAC edged lower by about 0.5% in early trades as a reported deal between Greece and its creditors failed to materialize. BUZZING SECTORS AND STOCKS Financials and pharma shares dragged the markets lower; select IT and auto stocks provided support at lower levels.
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