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Market Report

Monday, 03-June-2013


  • The 30-share Sensex resumed higher at 19,859.22, but declined immediately to 19,541.97 amid weak global cues. Sensex ended the day at one-month low of 19,610.48, loss of 149.82 points or -0.76 per cent. This is its weakest closing since 19,575.64 on May 3. Similarly, the NSE 50-share CNX Nifty dropped by 46.65 points, or per cent -0.78 per cent, to end the day at 5,939.30 today.

  • With a HSBC survey showing that manufacturing sector output fell in the month of May -- first decline since March 2009 -- shares from oil&gas, power, consumer durables and capital goods saw selling pressure. The sentiment was also affected by a weak rupee which slumped to 11-month lows of 56.73 against the US dollar.

  • On the global front, Asian markets were in the red this afternoon. Investors took profits from recent Asian share rallies in the face of uncertainty over how much longer the current US stimulus would continue. European stocks followed a fresh dive on Asian markets to open -0.8% lower.

  • Market likely to trade in a range of 5750-6100, says Mayuresh Joshi of Angel Broking. Somewhere inflation pressures persisting in the system which will make it improbable for the RBI governor to go for the rate cuts. In a short to medium term range between 5750-6000-6100 looks like a probable range and assuming that all conditions stay as they are like a good support for the market from the medium term, he adds.

  • Another 80-100 points down possible for market, says Sandeep Wagle. I would say another probably 80 to 100 points down for the Nifty. I would be more comfortable selling near 5980-6000, he adds.

NIFTY 3-Month

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