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Market Report

Friday, 12-July-2013

NSE

  • Sensex, the BSE 30-share index kick-started the day on a firm note at 19,904.84 as country's second largest IT services firm Infosys posted better-than-expected quarterly results. Sensex rose further to close the day higher by 282.41 points, or +1.44 per cent, at 19,958.47 today. This is Sensex's highest closing level since 20,215.40 on May 30. It had ended higher by 381.94 points yesterday.

  • Similarly, the wide-based National Stock Exchange index Nifty gained 73.90 points, or +1.25 per cent, to close at 6,009.00 today led by gains in IT sector stocks. This is the first time since closing at 6,124.05 on May 30 that the index has ended above the 6,000 level.

  • Brokers said the trading sentiment bolstered as Infosys began the earning season by reporting 4 per cent jump in consolidated net profit for the April-June quarter at Rs 2,374 crore. The sentiment improved further on firming global trend on optimism policymakers from the US to Japan will maintain stimulus, they said.

  • Sentiments improved further after country's trade deficit narrowed in June to $12.24 billion from a 7-month high, helped by a slowdown in gold imports, which should ease pressure on the current account balance and the beleaguered rupee. The Indian rupee, however, played spoilsport and extended its fall to below 60 per dollar levels on Friday, weighed down by heavy demand for dollars from importers, particularly oil companies, according to dealers.

  • Reliance will be one of the key factors in rise of Index, says Mitesh Thacker. I would not be surprised to see this stock head towards levels of around 905 to about 915 in the next few days, says Thacker.

  • Big gains will still come from Reliance and IT stocks, says Ashwani Gujral. We had Bank Nifty negative for most of the day, now it is trying to come back and we should slowly like this to head towards 6050, he says.

  • Point to note: FIIs have turned buyers again in our markets. See our 'Market Statistics' page.

NIFTY 3-Month

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