IntradayTrade dot Net
Market Report

Wednesday, 26-June-2013

NSE

  • After making a marginally higher start at 18,642.43, Sensex, the 30-share index settled lower by 77.03 points, or -0.41 per cent, at 18,552.12 today, after rupee hit all-time low of 60.62 against the US currency in mid-session on heavy dollar demand. Similarly, the wide-based National Stock Exchange index Nifty fell by 20.40 points, or -0.36 per cent, to close at 5,588.70 today.

  • Brokers said the selling pressure sparked soon after the rupee falling to record lows in forex markets on reports of heavy capital outflow from equity markets. They said the selling was more confined to companies having exposures to overseas markets such as auto, metal and banking sectors. Cautious investors offloaded their holdings before the monthly settlement in the derivatives segment tomorrow, they added.

  • Foreign Institutional Investors have net sold Rs 105.50 billion in 11 consecutive trading sessions on dashed hopes of rate-cut after currency depreciated nearly 12 per cent in past 2 months. The selling continued today. See our 'Market Statistics' page.

  • Globally, Asian stocks ended mixed with Nikkei falling 1%. The People's Bank of China has provided financing to some financial institutions to stabilize interbank lending rates and will use short-term liquidity operations and existing loan-facility tools to ensure steady markets, according to a statement yesterday. In Europe, markets are trading higher.

  • June F&O expiry may trigger breakout or breakdown, says Mitesh Thacker. 5500-5520 is the next support area on Nifty. We could possibly be in for about 70-80 points cut more. The important or intermediate support level has now come in only at above 5420-5430 levels. For the last few days the only safe and good index trade has been the sell call options when the market was falling, he adds.

  • Nifty can slip another 4-5% in next two days, says Sandeep Wagle. So a 4-5% downside is what is visible on the charts. I would anticipate that and that could happen very very soon, talk of the next week or so, he says.

NIFTY 3-Month

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