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Market Report

Tuesday, 18-June-2013

NSE

  • After opening nearly flat at 19329.17, Sensex, the 30-share benchmark index witnessed volatility and touched an intra-day low of 19191.37. Snapping a two-day winning run where it had gained 499 poins, the Sensex today closed at 19223.28, down 102.59 points or -0.53 per cent. The NSE index Nifty lost 36.45 points, or -0.62 per cent to close at 5,813.60 today, after rising to 5,863.40 at the outset.

  • Traders adopted caution today and appeared to book profits as global markets keenly awaited decisions from the US Fed, whose two-day policy-meeting starts today. Investors are looking for signals if Fed will roll back at least partially USD 85 billion in monthly bond purchases after US economy showed some recovery in recent weeks, brokers said.

  • In Asia, Japan's Nikkei average edged down in choppy trade but managed to end above 13,000 today, with most players staying on the sidelines as they awaited the outcome of the US Federal Reserve's meeting for clues on when it may begin tapering back stimulus. European markets were trading mixed as investors adopted a wait-and-watch stance ahead of the meet.

  • Battered Indian stocks will bounce back in the second half of 2013, according to a Reuters poll of leading equity strategists who cited hopes of economic recovery and further fiscal reforms. Despite share prices taking a beating in recent weeks, the median of 22 strategists polled from June 11-17 predicted the benchmark BSE Sensex would gain almost 9 percent from Monday's close of 19,325.87 points, reaching 21,000 by the end of the year. It is then expected to gain a further 5 percent to a new high of 22,000 by next June, beating a previous record of 21,206.77 reached in January 2008, the report said.

  • Bank Nifty may get closer to 11,000 in the medium term, says Ashwani Gujral. The best looking chart still belongs to the rupee-dollar and right now as we speak it is at 5875 so very likely to hit new lows as we go forward, he adds.

  • Trading above 5800 can be a positive sign, says Mitesh Thacker. This was what we saw from Friday last week was more of a bounce back which was not start of a new trend, he adds.

NIFTY 3-Month

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