IntradayTrade dot Net
Market Report

Wednesday, 10-July-2013


  • Sensex, the 30-share index, started the day slightly higher from its previous close at 19,489 but soon erased all gains as reports of fall in global markets trickled in. It finally ended down by 145.36 points, or -0.75 per cent, at 19,294.12 today. This is Sensex's lowest closing level since 19,177.76 on July 3. The index had gained 114.7 points yesterday. Similarly, the wide-based National Stock Exchange index Nifty lost 42.30 points, or -0.72 per cent, to close at 5,816.70 today in line with weak trends in Asian and European markets as investors booked profits ahead of the release of Fed minutes later today.

  • Investors were seen adopting a cautious stance ahead of key economic data and the first quarter earnings season which will be kicked off by Infosys on Friday. Brokers said profit-booking by investors at high levels and fall in refinery stocks led by market major Reliance Industries and ONGC mainly pulled down the market, besides a weak global trend following unexpected fall in China's export and import.

  • Japan's benchmark share index, the Nikkei, ended -0.4% lower amid a volatile trading session, after China's dismal trade data raised worries of a slowdown. However, shares in China recovered from their day lows to end up +2.7% on expectations that its central bank may announce easy monetary policy to boost growth after exports declined for the first time since January 2012. Stocks in Europe were marginally down as investors turned cautious ahead of the minutes of the Fed meet.

  • Expect Nifty to be in 5750-5900 range for a few days, says Sandeep Wagle. Tomorrow we will go back to 5850-5900. I do not think 5900 on the higher side will be broken, says Wagle.

  • More downside likely, if Nifty slips below 5770-5750, says Mitesh Thacker. The markets may not go anywhere in the next few days, but will take a directional sense once the results come in, says Thacker.

  • Results may not give market a specific direction, says Ashwani Gujral. It is possible to remain in this sort of a mode, till we get some kind of govt action or if something happens globally, says Gujral.

NIFTY 3-Month

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