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Market Report

Monday, 24-June-2013

NSE

  • The 50-share Nifty index closed at 5,590.25 today, down 77.40 points or -1.3 per cent. It touched a high of 5,640 and a low of 5,566.25 in trade today. The S&P BSE Sensex was at 18,540.89, down 233.25 points or -1.2 per cent. It touched a high of 18,714.06 and a low of 18,467.16 in trade today.

  • The 50-share Nifty index has shaved off a little over 200 points or nearly -4 per cent in a matter of just three trading days largely on account of weak global cues. After making a gap-down opening today, the index closed below its crucial psychological level of 5600 for the first time since April 16.

  • Besides, steep fall in Chinese stocks and other Asian markets and a weak opening in European stock indices also hurt domestic market sentiment. China shares suffered their worst daily loss in almost four years today, taking Hong Kong markets lower, with financials hammered on fears that the central bank would keep money tight and economic growth could slow sharply.

  • Tracking weakness in global markets, Indian markets opened weak as investment sentiment turned bearish in global markets on concerns of tapering down or winding down of bond purchase spending by the US Federal Reserve. The falling Indian rupee as against the USD is adding to further woes of investors not just in India, but globally too. Overseas investors have pulled out a staggering Rs 29,191 crore (over $5 billion) from the Indian debt and equities in less than a month due to weakness in the rupee. Analysts cite month-end import demand and weakness in equity markets are likely factors for near term weakness in rupee.

  • Levels of 5500-5450 on the Nifty will act as a serious base for this market, said Pathik Gandotra of Dron Capital. However, markets need more triggers to go down further as we see selling exhaustion. We are kind of exhausting on our triggers to go down now. The point is that we have already seen too much negative news in a very small period of time and the market has crashed already, he added.

  • Markets can head lower to 5480 levels, says Sandeep Wagle. From here a meaningful bounce back should be good for the bulls but we do not have a very conclusive evidence to say that it will bounce back, he adds.

NIFTY 3-Month

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