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Market Report

Monday, 05-Aug-2013


  • The Sensex, which had lost nearly 1,139 points in last eight sessions, gained 18.24 points, or +0.10 per cent to end the day at 19,182.26 today. On similar lines, the broad-based National Stock Exchange index Nifty rose by 7.50 points, or +0.13 per cent to close at 5,685.40 as investors judged the recent steady fall as overdone and amid positive global trend.

  • Brokers said the recent fall of three per cent in last week prompted investors to pick fundamentally strong stocks available at attractive lower levels. They said a mixed trend in the Asian region and higher opening in Europe further supported the market.

  • Globally, Japan's Nikkei share average fell on Monday in thin volume as the yen strengthened against the dollar after weaker-than-expected US jobs data. The dollar softened and European shares edged up to a two-month high today after last week's batch of US data left investors less sure the Federal Reserve would start to scale back its stimulus next month.

  • The Indian rupee trimmed its initial gains but was still quoted up by 14 paise to 60.92 per dollar late today on selling of the US currency by banks in view of foreign capital inflows into equity market. The biggest mover in the currency market, though, was the New Zealand dollar, which slumped to a one-year low following revelations of a milk powder contamination scare from Fonterra, the world's biggest dairy products exporter.

  • Nifty cannot sustainably move up beyond 5750, says Ashwani Gujral. It is clear that the entire market is not in a bear market. So, you have to choose your spots, says Gujral.

  • Markets are oversold, no strength seen in the bounce back, says Sandeep Wagle. At higher levels, selling will come in and we will break the swing low of 5680-5660 levels and head towards 5500, he adds.

NIFTY 3-Month

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