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Market Report

Wednesday, 31-July-2013

NSE

  • After falling to 19,126.82 points intra-day, Sensex managed to close with just a loss of 2.64 points, or -0.01 per cent, at 19,345.70 today. The gauge has now lost over 955 points in six sessions. Similarly, the broad-based National Stock Exchange index Nifty lost 13.05 points, or -0.23 per cent, to 5,742.00 led by banking and interest-related stocks.

  • Wiping out most of its early losses, the market today closed almost flat on revival of buying by funds after marginal recovery in rupee from record lows and the government announced steps to revive investment climate.

  • Rupee plunged to 61 per dollar before trading at 60.88 when the stock market was closing, after Finance Minister P Chidambaram said government will take measures to attract long term non-resident Indian funds. Brokers said a volatile rupee raised concerns that the RBI may have to extend its liquidity tightening measures for a longer-than-expected period.

  • Global markets are keenly awaiting US GDP data release and a policy statement following Fed's 2-day meet later today. Asian shares ended lower on looming fear over tapering of the stimulus ahead of today's Federal Reserve monetary policy. Meanwhile, European shares recovered in late trades.

  • Nifty may witness selling at around 5850 level again, says Mitesh Thacker. Nifty has managed to bounce back from the trend line at about 5670 levels. So, one leg of downtrend appears to be over, he adds.

  • Nifty's sideways move to continue until rupee does not go to new highs, says Ashwani Gujral. Only a few index stocks are tending to move up. We could hang around to this 5700-5800 levels for the next few days. For the moment, it will be a sideways move for the next few sessions and then we will restart our downtrend. Once the rupee breaks the 61.21 levels, chances are Nifty will also start its move down, he adds.

NIFTY 3-Month

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