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Market Report

Wednesday, 07-Aug-2013


  • The 30-share Sensex lost 68.16 points, or -0.36 per cent, to close at 18,664.88 today, after shuttling between 18,811.46 and 18,551.35 intraday. The key index had lost nearly 450 points yesterday. The broad-based National Stock Exchange index Nifty fell by 23.15 points, or -0.42 per cent, to end at 5,519.10 today, after dipping below a crucial 5,500 level in the intra-day trade.

  • The sentiment was hit by steady fall in rupee, raising fears that RBI might take more tightening measures to check sliding domestic currency, brokers said. Investors are also concerned about a weak rupee hampering government efforts to revive economic growth. Blue-chip stock Reliance Industries gained +3.64 per cent, which saved the market from deeper fall, brokers said.

  • The sub-committee of Financial Stability and Development Council would meet in Mumbai today to assess the impact of liquidity tightening steps taken by the central bank in recent weeks.

  • The rupee tumbled by 63 paise to 61.40 against the dollar in the late morning trade on back of aggressive dollar buying by the banks. Analysts said a weak trend in global markets on indications of a possible withdrawal of US monetary stimulus after world's biggest economy showed signs of growth recovery, also hit the sentiment.

  • Nifty has taken support at 5500, says Sandeep Wagle. I would say that 5500 is a strong support. We have a truncated week so I do not see a major selling coming in at this point in time. I would be talking of a 4900-4850 so as of now I have limited downside till 5400 but the view still remains on the downside, he adds.

  • Nifty may not go up to 5650 level easily, says Ashwani Gujral. It is a pullback - and after about 10 to 12 days of clear downsides around 5500-5550 a bit of short covering was not so unlikely, he says.

NIFTY 3-Month

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