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Market Report

Wednesday, 17-July-2013

NSE

  • Sensex, the BSE 30-share benchmark index, started the day on a firm footing at 19,970.02, higher by 118 points from yesterday's close. It, however, erased some of the early gains during the day and closed 97.50 points, or +0.49 per cent higher at 19,948.73 today. Sensex had closed down by 183.25 points in the previous session. Similarly, the wide-based National Stock Exchange index Nifty gained 18.05 points, or +0.30 per cent, to close at 5,973.30 today buoyed by government's decision to liberalise FDI norms in a dozen sectors.

  • Brokers said the market sentiment was boosted after the government yesterday announced to hike foreign direct investment (FDI) in a dozen sectors, including 100 per cent in telecom and higher caps in insurance and defence sectors, to boost the sagging economy. They said a better earning by companies like Infosys and HDFC Bank for the first quarter further supported the uptrend.

  • A firming trend inthe Asian region ahead of Federal Reserve Chairman Ben S Bernanke's address to the US Congress, further influenced the sentiment, they added. European markets pared early gains and most indices were trading lower after the Bank of England maintained status quo on key interest rates. The Rupee has maintained the forward march and closed at 59.2500 today.

  • Crossing 6000 mark crucial for Bank Nifty, says Ashwani Gujral. Either we get pass 6000 and give you a decisive close or if we start failing at 5980-5990, then chances are the rally is over, he says.

  • Bank Nifty unlikely to rally in short term, says Mitesh Thacker. My belief is that despite the fact that FMCG did very well, we have not filled the gap which was opened up yesterday, he says.

NIFTY 3-Month

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