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Market Report

Wednesday, 14-Aug-2013


  • The Sensex, which had gained 565 points in the past three sessions, rose further by 137.75 points, or 0.72 per cent, to 19,367.59 today, a level last seen on July 29. The broad-based National Stock Exchange index Nifty rose by 43 points, or +0.75 per cent to close at 5,742.30 today supported by auto, oil & gas, metal and realty stocks despite an uptick in wholesale inflation.

  • Brokers said the upswing in market was supported by quarterly earnings by Tata Steel whose shares jumped 3.59 per cent. Rising prices of onions and other vegetables pushed inflation to a five-month high of 5.79 per cent in July even as the government and RBI battled to stabilise the rupee today.

  • A mixed trend in the Asian region and better opening in European markets amid reports that France has emerged from recession further positively influenced investor sentiment. The Asian markets closed on a positive note in trades today. Japan's Nikkei advanced 1.3%.

  • What we are seeing is a short covering rally, said Prashasta Seth, Senior Fund Manager, IIFL Wealth, in an interview with ET Now. Essentially something that is aided by the global move on the stock markets across geographies and emerging markets. Fundamentally, nothing has changed on the ground; the fixed income market continues to show that yields are going up. Then you are also seeing the rupee continuing to depreciate, he added.

  • According to analysts, the bounce-back on the Nifty has become shallower, which translates into the weakness that the market is dealing with. Experts are of the view that with weak macros and limited visibility on interest rates coming off, considerable upside from current levels might not be possible.

NIFTY 3-Month

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