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Market Report

Thursday, 20-June-2013

NSE

  • Sensex tumbled 526.41 points, or -2.74 per cent, to 18,719.29, recording biggest single day fall since September 2011. Across market, over 1,650 stocks fell and just 650 rose. Investor wealth worth Rs 1.5 lakh crore was eroded today. The broad-based National Stock Exchange index Nifty dipped below 5,700 level by losing 166.35, or -2.86 per cent to close at 5,655.90 today.

  • Markets today plunged to its biggest fall in nearly two years due to massive selling on worries that capital inflows may dry up if US Fed's sticks to its plan of slowing down monetary stimulus later this year. The stock markets were also under heavy pressure after rupee touched life-time low of 59.93 against the dollar. FIIs were heavy sellers today, continuing with their off-loading since the last day of last month. See our 'Market Statistics' page for details.

  • Asserting that Rupee is not in 'shambles', Finance Ministry today said the government, RBI and Sebi are alert to the situation and will take actions as warranted. But this did not have any effect in easing the sell-off today.

  • In the Asian region today, Hong Kong's Hang Seng index fell -2.88 per cent and Japan's Nikkei shed -1.74 per cent. The US Dow Jones index closed -1.35 per cent down and Nasdaq shed -1.12 per cent last night.

  • The heavy sell-off in the Nifty is not likely to continue for too long and the benchmark is expected to bottom out in the next few sessions, say analysts. Money should start flowing into defensives while rate sensitives and commodity stocks are likely to remain weak. Analysts are not extremely worried with the recent dollar outflows from Indian equities. FDI will continue if the government carries on with reforms, they say.

  • Nifty short-term outlook weak; expect further slide, says Mitesh Thacker. We will see much lower levels and I am already looking at possibilities of 5570 to about 5550 being tested. The CNX IT has also broken down and Reliance was one stock which was expected to do better and that also broke down, he adds.

  • Nifty may break 5600 mark in next 3 to 4 days, says Sandeep Wagle. I am not comfortable taking a sell position at this level. I would want at least 20-30 point in the Nifty bounce back where we can sell some of the stocks, he adds.

NIFTY 3-Month

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