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Market Report

Wednesday, 05-June-2013


  • The 30-share index rose by 22.44 points, or +0.11 per cent, to 19,568.22 today. It had lost 670 points in the last three sessions. Similarly, the broad-based National Stock Exchange index Nifty closed higher by 4.40 points, or +0.07 per cent, to close at 5,923.85 today.

  • Brokers said investors bought fundamentally strong stocks such as Reliance Industries, Sun Pharma and Larsen and Toubro at prevailing lower levels following three days of losses.

  • Global risk appetite was frail amid fear that the US Federal Reserve will reduce stimulus sooner-than-expected and after Japan's Prime Minister failed to cheer investors through his growth strategy. Asian shares ended lower. European indices also traded lower.

  • Downside will be over if Nifty breaks 5980, says Ashwani Gujral. A couple of stocks can pull up this market and once that action is over tomorrow, the market will continue on the downside, he says.

  • Markets may go down to 5770-5780 on weak rupee, says Sandeep Wagle. 5850-5860 on the Nifty will act as a support and it could move back to 6000-6020. Therefater, it could move in that range for sometime before the final move comes in. I would still sell the Nifty in the range of current levels of 5940-5960 with the target of little over 6000 and 5850 is very much likely, he adds.

NIFTY 3-Month

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