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Market Report

Friday, 21-June-2013

NSE

  • After falling over 79 points at the outset, the benchmark index recovered by 54.95 points, or +0.29 per cent to close at 18,774.24 today. It shuttled between 18,615.14 and 18,820.81 range. Similarly, the 50-share NSE index Nifty closed 11.75 points, or +0.21 per cent up at 5,667.65 after moving between 5,616.85 and 5,686.15 today.

  • Sensex crashed over 526 points in yesterday's trade, its biggest single-day fall in nearly two years, hit hard by panic-selling as the US Fed laid out its plan to taper off USD 85-billion-a-month monetary stimulus from later this year.

  • Rupee fell to nearly 60-levels yesterday but has recovered to 59.27 levels today on dollar inflows amid Finance Minister P Chidambaram saying there was no need for panic over rupee decline and RBI will take action when needed. Besides, value buying in some stocks after steep fall, a higher opening in the european markets also influenced the trading sentiment, brokers said.

  • In another development, foreign investors put in bids worth over Rs 39,000 crore (US$6.7 billion) to buy government bonds, with a 93 per cent subscription in the largest-ever Sebi-conducted auction for such securities. The encouraging response, at the auction held yesterday at BSE, came at a time when Foreign Institutional Investors (FIIs) have been pulling out from Indian debt market heavily. FIIs have sold cash shares for eight straight sessions, totalling Rs 59.49 billion (US$995.65 million), as per exchange and regulatory data.

  • Globally, Asian stocks ended mixed amid looming uncertainty over the Federal Reserve's bond-buying plans. However, European stocks, US equity-index futures and metals rallied after the biggest rout in global equities since September 2011.

  • Rally in banking needed for Nifty to surge ahead, says Ashwani Gujral. In case banking does not participate with the same kind of momentum, chances are that Nifty will fail to get past at the higher end of the range, he cautions.

  • Expect more midcap casualties in next few days, says Mitesh Thacker. It looks like the NSE midcap index also has given some kind of short-term breakdown. So there could be more midcap causalities happening in the next few days, he says.

NIFTY 3-Month

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