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Market Report

Monday, 10-June-2013

NSE

  • In a volatile trade, Sensex, the 30-share index, commenced the day strong and touched an intra-day high of at 19,583.58 from its previous close, but settled only 11.84 points higher or +0.06 per cent, at 19,441.07 today. However, the wide-based National Stock Exchange index Nifty failed to notch up any substantial ground and closed lower by 3.00 points, or -0.03 per cent, at 5,878.00 today.

  • Brokers said cautious investors indulged in shuffling their funds following fresh development on the political front while falling rupee raised hopes of higher revenue by software exporting companies. They said financial and banking stocks remained under pressure on fears that the Reserve Bank might put its interest cutting exercise on hold because of the weak rupee.

  • The rupee today plunged to an all-time low of 58.1550 against the dollar, boosting the repatriated earnings of exporters. The country's biggest software makers get nearly 60 per cent of their revenue from abroad.

  • Most Asian stocks edged higher today after a report showed the US added more workers than expected last month. Mainland Chinese markets are closed from today till Wednesday for the Dragon Boat Festival.

  • One needs to get worried if rupee falls beyond 60, says Sandeep Wagle, APTART Technical Advisory Services. Probably we will go down by another 100-120 points. So we are talking of a 2% correction and the rupee fall till 58.20 is probably discounted, he adds.

  • Wait & watch before taking positions, says Ashwani Gujral. While the weak bias continues, but it is clear that the market is not cracking just because of the rupee, Gujral said.

NIFTY 3-Month

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