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Market Report

Monday, 08-July-2013


  • The BSE 30-share index Sensex started the day on a sluggish note at 19,233.21 as rupee tanked to all-time low of 61.21 against the dollar in morning trade. It later recovered a bit during the day on suspected RBI intervention to arrest rupee's slide and closed the day lower by 171.05 points, or -0.88 per cent, at 19,324.77 today. Similarly, the wide-based National Stock Exchange index Nifty lost 56.35 points, or -0.96 per cent, to close at 5,811.55 today. It touched a high of 5,833.85 and a low of 5,775.55 in trade today.

  • Brokers said a steep fall in rupee against the dollar raised fears of widening fiscal deficit and left little room for the Reserve Bank to cut interest rate in its policy review later this month. They said a weakening Asian trend amid concerns that a credit squeeze in China will curb growth, further fuelled the selling pressure in domestic markets.

  • As the rupee fell to a record low today, the bond yields surged highlighting the vulnerability of a country dependant on foreign capital inflows to fund its big current account deficit. Overseas investors sold away shares in the emerging markets and shifted stance to the developed economies as US economy shows sustainable signs of recovery after robust jobs data.

  • Don't see Nifty breaking 5700 level, says Sandeep Wagle. There is a good chance we may test 5700 from the current levels but you cannot also ignore the fact that you can have a 40-50 point move in the Nifty at any point of time, he says.

  • Nifty to remain in 5750-590 range, says Ashwani Gujral. It is clear that currency is going to weaken from here but the key aspect here is that why is not the market falling, asks Gujral.

NIFTY 3-Month

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