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Market Report

Tuesday, 09-July-2013

NSE

  • Sensex, the 30-share index started the day's trade on a firm note at 19,446.30 and rose further to close 114.71 points, or +0.59 per cent higher at 19,439.48 today. Sensex had lost 171.05 points yesterday. Similarly, the wide-based National Stock Exchange index Nifty gained 47.45 points, or +0.82 per cent, to close at 5,859.00 today in step with a smart recovery in rupee.

  • Stock markets mirrored the currency's movement which bounced back from a record low of 61.21 after Sebi and Reserve Bank announced a slew of measures to curb speculative trade in currency derivatives, brokers said. Profit booking at yesterday's low levels also boosted shares on the index, they added.

  • Late on Monday the Reserve Bank of India banned banks from proprietary trading in domestic currency futures and options, while Securities and Exchange Board of India (Sebi) doubled the margin requirement on the domestic dollar-rupee forward trade. The steps are the latest by regulators to curb speculative trading, which would pare short positions in the rupee, after some bankers said they had been discreetly asked last month by the RBI to trim intraday open positions.

  • Global stocks witnessed a firm trend on the back of strong US jobs data last week and encouraging second quarter earnings from Alcoa, the largest aluminium producer in the US. European shares firmed up today after Greece secured the latest 6.8 billion euro installment of its bailout. Stocks in Asia also ended higher with Japan's benchmark Nikkei ended up 2.6%, near a six-week high, after the yen weakened against the US dollar.

  • The market remained bullish ahead of a meeting to be chaired by Prime Minister Manmohan Singh, where some major decisions to boost the manufacturing sector were expected.

  • Bank Nifty needs to show more strength, says Mitesh Thacker. Today some stocks in the Bank Nifty are showing possibilities of a break out but the overall index still is just about a percent, he adds.

  • Directional trade not very easy because of choppy market, says Ashwani Gujral. Banks are moving in a range and now they are showing some kind of action on the upside, he adds.

NIFTY 3-Month

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