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Market Report

Thursday, 27-June-2013

NSE

  • The 30-share index, Sensex, commenced the day's trade on a firm note at 18,753,48 and rose further by 323.83 points, or +1.75 per cent, to close at 18,875.95 today. This is its highest closing level since 18,774.24 on June 21. Similarly, the wide-based National Stock Exchange index Nifty gained 93.65 points, or +1.68 per cent, to close at 5,682.35 today as funds resumed buying after rupee recovered sharply on lower-than-expected current account deficit numbers. Volumes were very good today.

  • Brokers said the current-account deficit (CAD), which is the difference between the outflow and inflow of foreign currency, moderated "sharply" to 3.6 per cent of GDP in the last quarter of 2012-13 fiscal, bolstered the trading sentiment. This also led to the rupee bouncing back from its record lows of 60.72 against the dollar to 60.24 intra-day.

  • Buying activity further gathered momentum as investors indulged in covering up their pending short positions on current month settlement in the derivatives segment, and a firming global trend, they added.

  • A firming trend in the Asian region and higher opening in Europe as slower-than-estimated US economic growth stoked speculation the Federal Reserve may hold back from reducing stimulus, further supported the uptrend. Japan's Nikkei share average climbed 3% today, bouncing back from a three-day losing streak.

  • Bounce back is likely to continue, says Sandeep Wagle. We may consolidate in that 5750-5650, that 100-point band and it will also depend on the rupee dollar equation what happens in that, he says.

  • Expect some upside in market in next few days, says Mitesh Thacker. With levels in between 5710-5715, we might test levels of 5750 which is when we have capped down after the Fed's announcement, he said.

NIFTY 3-Month

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