IntradayTrade dot Net
Market Report

Friday, 31-May-2013


  • The 30-share Sensex resumed lower and remained in negative terrain throughout the day to settle at one-week low of 19,760.30 today, a fall of 455.10 points or -2.25 per cent. This is its worst drop in 15 months, since 478-point fall on February 27, 2012. Similarly, the NSE index Nifty plunged by 138.10 points, or -2.26 percent to close at 5,985.95 today.

  • Stocks collapsed today on frantic selling after RBI's poor inflation outlook and GDP falling to decade's low came as double whammy to investors betting on rate cut. Investor wealth fell by a whopping Rs 1.1 lakh crore as across market 1,600 scrips ended lower out the 2,500 traded.

  • Concerns over a weak rupee also surfaced while subdued trend in overseas markets as investors awaited reports on American consumer confidence and business activity, influenced Indian market sentiment. Asian markets ended mixed. European markets were trading lower in their afternoon trade as key indices in UK, Germany and France declined by 0.95-1.20 per cent.

  • The sell-off in our market didn't come in as a surprise as the omens at the start of trade hinted. On Thursday, RBI Governor D Subbarao warned of an upside risk to inflation and high current account deficit, thus denting hopes of a rate cut. We, at IntradayTrade dot Net had caught on to this trend early on, but we did not estimate the fall to be so severe after the DGP figures came in.

  • Weakness in Nifty will possibly extend, says Mitesh Thacker. If 6050-6070 levels go away, then the immediate test of 5950-5930 should happen, he says.

  • Sensex has taken a pause on weak rupee, says AK Prabhakar of Anand Rathi. Sensex is on the verge of break-out but falls back due to weakness in rupee, he says.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)