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Market Report

Tuesday, 25-June-2013

NSE

  • In a highly volatile trade, Sensex, the 30-share index resumed the day higher at 18,613.84 but tumbled down in intra-day but again gained and settled 88.26 points, or +0.48 per cent higher at 18,629.15 today. Sensex had slumped to an over two-month low of 18,540.89 yesterday. Similarly, the wide-based National Stock Exchange index Nifty rose by 18.85 points, or +0.34 per cent, to close at 5,609.10 today.

  • Brokers said the recent fall in share prices attracted valued buying in some fundamentally stong stocks. Also, a better trend in overseas markets further influenced the uptrend, they added. The Asian market firmed up and European stocks opened higher as the People's Bank of China allayed concern over a cash crunch and investors awaited US home sale data. China had earlier plunged more than 6% in intra-day trade hitting their lowest since early 2009.

  • Market regulator, SEBI, today eased foreign investment rules, sets buyback norms. It approved an overhaul of rules for FIIs in a bid to attract vital flows needed to narrow a record high current account deficit. This helped in the sharp rise in the afternoon today, but FIIs have withdrawn funds from our markets heavily again today. See our 'Market Statistics' page.

  • The Indian rupee gained marginally today on some dollar selling, but sentiment remained fragile after a steep foreign sell-off of stocks and debt. Expectations the Reserve Bank of India will step in when the rupee approaches 60 to the dollar have also prevented the rupee from falling too much after it touched an all-time low of 59.9850 on Thursday last week.

  • According to experts, our market today rebounded smartly primarily on technical ground and they expect bouts of volatility ahead of June F&O expiry due on Thursday, June 27. The comeback was largely on the back of short covering and most momentum indicators had sunk deep in oversold territory. The technical pullback currently on is likely to run into a resistance close to 5670 levels on the Nifty, where selling pressure might well resume, added experts.

  • Look for levels around 5500-5600 on Nifty, says Ashwani Gujral. 5500-5600 is a strong support at least one more pullback will come in before that level gives way and 5700-5720 that is where you look for weakness. Fresh short trade probably will be available from 5700, he said.

  • Levels of 5700 will attract selling, says Mitesh Thacker. If 5570-5550 manages to hold on for the next couple of days you might see a range developing here between 5550 to about 5685-5710, he adds.

NIFTY 3-Month

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