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Market Report

Thursday, 06-June-2013

NSE

  • After a weak start, Sensex, the 30-share index closed 48.73 points lower, or -0.25 per cent, at 19,519.49, its lowest level since April 30. It had gained over 22 points yesterday after three days. Similarly, the broad-based National Stock Exchange index Nifty closed flat and ended lower by 2.45 points, or -0.04 per cent, to close at 5,921.40 today.

  • Brokers said besides concerns of capital outflow as rupee touched 57 level against the dollar intraday today, coming precariously close to its lifetime low of 57.38, a down-trend trend in the Asian region and lower opening in European market hurt the trading sentiment here.

  • On the global front, the euro hit four-week high against a weaker dollar today and stocks edged down ahead of a European Central Bank meeting at which no change in rates is expected.

  • Markets to sell off if there is no rate cut, says Prashasta Seth. Indian markets have moved up significantly on the global flows and if there are some concerns that that flows will taper off, it will have an impact in terms of market performance, he says.

  • Markets to be within 5860-5950 levels for some days, says Ashwani Gujral. We are more dependent now on global cues because US market has also started declining. Therefore, the market is holding to see what is the next move that global markets make. Broadly the range is 5860-5870 downside; 5940-5950 on the upside, he adds.

  • Nifty will be range bound in 70-80 point band, says Sandeep Wagle. 5860-5850 should not be broken immediately. On the upside, 5950-5960 will act as a strong resistance, says Wagle.

NIFTY 3-Month

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