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Market Report

Thursday, 08-Aug-2013

NSE

  • The Sensex gained today 124.46 points, or 0.67 per cent, to close at 18,789.34 today led by metal, realty and power sectors. It had lost over 517 points in the previous two sessions. The broad-based National Stock Exchange index Nifty rose today by 46.55 points, or 0.84 per cent, to end at 5,565.65 on emergence of buying support amid rupee gaining strength and global markets witnessing positive trends.

  • Markets rebounded after two day of sharp losses to end higher after a strengthening rupee led to short covering in index heavyweights. Brokers said investors covering pending positions before a long weekend and buying in fundamentally stocks available at attractive levels mainly pushed up the market. The firming rupee and better trend in global markets further supported the uptrend, they added.

  • Meanwhile, RBI announced new measures after market hours today to drain cash from the financial system in a bid to address volatility in currency markets, after a slew of steps announced last month failed to prop up the battered rupee. Finance Minister P Chidambaram is likely to unveil next week more measures to support rupee which had hit all-time low of 61.80 against dollar. Expectations that a package will be announced over the weekend pushed the rupee today to its biggest single-day gain in two weeks.

  • In international markets, strong trade data from China eased concerns about the global economic outlook today, supporting European and Asian shares.

  • Morgan Stanley, in its latest report, projects Sensex, the 30-stock benchmark index of the Bombay Stock Exchange (BSE), to rise as high as 23,000 levels by the end of this year if there is a bull run, and to slip to as low as 17,200 in case of a bear market. Taking a safe stance, given the fresh uncertainties showing up in global as well as domestic economy, the investment firm has given a 33% probability of Sensex slipping and a bleak 5% chance of it making gains.

  • Our markets will remain closed tomorrow for 'Id-ul Fitr'.

NIFTY 3-Month

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