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Market Report

Tuesday, 23-July-2013


  • The Sensex, which gained 308 points in past 4 sessions, advanced by 143.01 points, or +0.71 per cent to 20,302.13 today, a level last seen on January 5, 2011. 21 stocks gained in the 30-share bluechip index. The broad-based National Stock Exchange index Nifty rose by 46 points, or +0.76 per cent to 6,077.80 today on earnings-related buying in consumer durables, FMCG and banking shares, amid firm global cues.

  • The rupee gave up all gains to trade flat for the day at 59.72 as there are no fresh dollar inflows into the market, traders say. Investors today became richer by Rs 40,000 crore with market capitalisation standing at Rs 66.32 lakh crore as around 1,150 stocks gained on the BSE on good buying.

  • The move by RBI yesterday to curb gold imports to slash record current account deficit (CAD) was one of the reasons that helped boost sentiments in markets, brokers said. A shift in funds into domestic stocks from bullion and forex markets was also seen supporting the market, they added.

  • Globally, Asian shares were firm and Europe opened higher after unexpected drop in existing home sales in June in the US renewed hopes that the Federal Reserve will maintain its monetary stimulus for a little longer, experts said.

  • Nifty sub-5950 could be good buying level, says Mitesh Thacker. One should trade once the index get pass 6150 or possibly look for some kind of decline if we start breaking below levels of around 6030-6000, we might see levels of sub-5950 possibly which could be good buying areas. For the time being it looks like a pause which the market might take at higher levels and that is being reflected in the lack of momentum.

  • Need to wait out till market gains momentum, says Ashwani Gujral. Gap-ups show momentum if post the opening the market gains a lot of ground. Today, we opened at 6064 and we have hardly gained 13 points in all of today, do not look at it from yesterday's close. From today's open the market was unable to move forward. That shows slackening of momentum. It is expected that in the next few sessions you will have the market falling under its own weight, so we just need to wait out this period, he adds.

NIFTY 3-Month

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