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Market Report

Friday, 23-Aug-2013


  • Rising for the second day, the 30-share S&P BSE benchmark index Sensex, which had surged 408 points in the previous session, rose further by 206.50 points, or +1.13 per cent to end at 18,519.44 -- the highest closing since August 16 (18,598.18). The broad-based National Stock Exchange index Nifty rose by 63.30 points, or +1.17 per cent to 5,471.75 today to end at nearly one-week high on sustained value buying in refinery, banking and auto stocks after the rupee appreciated after six days of losses.

  • Brokers said the stock market sentiment improved as the battered rupee rebounded from all-time low levels of 65.56 to 64.12 per dollar after the government and RBI's assuarances. The bounce-back of sorts on the stock market comes in the face of experts having predicted that Thursday's rally of about 400 points in the benchmark index Sensex was not likely to be carried forward.

  • Market recovered on bargain hunting and comments from Finance Minister P. Chidambaram and Reserve Bank of India Governor D. Subbarao that India doesn't plan to introduce capital controls.

  • Global cues were also supportive on Thursday, as indices around the world surged after data showed a pickup in manufacturing activity in euro zone and China.

  • Clearly I do not see the markets crossing the 5500 levels, says Ambareesh Baliga. The way the rupee is going, we do not know whether you finally look at the rupee at 68 or 70 because this could be a temporary respite right now after this sort of depreciation which we have seen in the last four-five weeks. So people are clearly taking extremely cautious view at this point of time, specially when people have lost money across various asset classes and not just equity, he adds.

NIFTY 3-Month

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