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Market Report

Thursday, 11-July-2013


  • Sensex, the 30-share index of BSE, started the day on a high note at 19,584.38 and kept improving further to close the day higher by 381.94 points, or +1.98 per cent, at 19,676.06 today. This is the Sensex's highest closing since 19,760.30 on May 31 and the biggest single-day gain since June 28. The index had closed higher by 145.36 points yesterday. Similarly, the wide-based National Stock Exchange index Nifty gained 118.40 points, or +2.04 per cent, to close at 5,935.10 today led by a rally in bluechips, buoyed by US Federal Reserve Chief Ben Bernanke's comments on continuing monetary stimulus.

  • Brokers said the trading sentiment bolstered after Bernanke last night signalled that the monetary stimulus would continue for some time boosting the prospect of the flow of funds to emerging markets. The rupee strengthening for the third day against the US dollar to 59.42 intra-day, amid an overall firming global trend also pepped up the sentiment. Cautious investors indulged in picking fundamentally strong stocks ahead of earnings season beginning tomorrow with Infosys coming out with first quarter results.

  • Point to Note: Foreign Institutional Investors (FIIs) have turned buyers during the previous three sessions, exchange data showed. See our 'Market Statistics' page.

  • Expect the Nifty to touch 6100 levels in near term, says Tushar Mahajan of Nomura. Today's move is definitely very encouraging, especially given the fact that we have broken past that 5900-5920 levels, where we were stuck for the last three weeks. Every time we tried to break past, the markets followed with a sell off back down. Therefore, the fact that this move up is sustaining above 5920 and after the gap up opening, unlike in the recent times, we are building on to that momentum to pick up. Hopefully, this is cause for a better move and we could see the market now move up to the 6100 levels, he says.

  • Nifty rally may fizzle out near higher end of range at 6,100 says the Economic Times. The upmove in the Nifty is being seen as a positive for the market as the benchmark managed to breach intermediate resistance levels. Analysts, however, are of the view that while FOMC comments are providing support to the market, it will not be an easy way up as earnings, weak rupee and weak economic indicators will keep investors on sidelines.

  • Big trade is not on the upside, says Ashwani Gujral. This is the third upswing since January so basically nothing has changed. We go down to 5500. We bounce back towards 6100. If you see the previous upswings, you will have several days of 2% gains, he points out.

  • Look for levels around 5980-6000 on Nifty, says Mitesh Thacker. Prior to today's gap up opening with it kind of consolidate for about six or seven sessions in the range of about 5880-5900 to about 5780, he says.

NIFTY 3-Month

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