IntradayTrade dot Net
Market Report

Friday, 02-Aug-2013


  • The Sensex, which had lost 986 points in last seven days, fell further by 153.17 points, or -0.79 per cent to 19,164.02 today. The eight day losing streak is the blue-chip index's longest in four months. On a weekly basis, Sensex was down 3 per cent. The broad-based National Stock Exchange index Nifty fell by 49.95 points, or 0.87 per cent to 5,677.90 today on heavy selling in metals, power and PSUs shares, amid the rupee again breaching the 61-mark against the dollar.

  • Bank shares dropped after the Reserve Bank of India Governor Duvvuri Subbarao said today the central bank would roll back recent cash tightening measures only after it determines stability has been restored in the foreign exchange market. Besides rupee weakness and FII selling, steady inflow of weak earnings by some major companies also dampened sentiment. The market remained under pressure after Goldman Sachs downgraded Indian stocks to 'underweight' yesterday.

  • For the second day running, Financial Technologies plunged by 21.12 per cent and MCX by 20 per cent amid troubles at National Spot Exchange Ltd (NSEL).

  • Global risk appetite improved after US factory output surged rose to its highest level since June 2011, easing concerns a slowdown in emerging economies may take a toll on US growth. In Asia, Japan's Nikkei rose 3.2%. European stocks traded mixed.

  • Nifty may head to 5500 level in the in next two weeks, by mid-August, says Mitesh Thacker. Traders should continue to trade with negative bias, he says.

  • Nifty to break 5500-5600 levels this time, says Ashwani Gujral. The market will not hold on to the marginal support around 5500-5600 levels for too long. The market continues to be weak. Till now, we haven't seen the big downside, but now we are heading to the other end of this 20% range on the lower side. There are chances that the market will continue to fall. We should expect the break of 5500-5600 levels at this time, he says.

NIFTY 3-Month

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