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Market Report

Monday, 26-Aug-2013

NSE

  • The 30-share Sensex, which had gained over 613 points in last two sessions, advanced further by 38.69 points, or +0.21 per cent to 18,558.13, after touching day's high of 18,728.19 today. Today's close is the highest since August 16 (18,598.18). Similarly, the broad-based National Stock Exchange index Nifty climbed to 5,528.70, before ending higher by 4.75 points, or +0.09 per cent, at 5,476.50 today on buying in power, capital goods and healthcare shares, amid hopes of higher capital inflows.

  • Trading was volatile today with lots of ups and downs within a 70-point range in the Nifty. Investors remain cautious about foreign flows after overseas investors sold about $780 million of shares in the previous seven sessions, including $60 million today, ahead of June quarter GDP data and the expiry of August derivatives contracts this week. Brokers said the trading sentiment was firm after the Finance Ministry said steps to attract capital flows to fund the current account deficit can be expected within a week.

  • Markets were seen ignoring sharp losses in the rupee which plunged over 1.6 per cent to 64-levels against dollar. A firming global tend after a slump in US home sales eased speculation the Federal Reserve will reduce economic stimulus next month, further supported domestic markets.

  • With the general improvement in the trading sentiment, speculators were seen covering their pending short positions created in the recent past, which also remained a positive factor for the market, brokers added.

  • Markets' mood unlikely to improve, says Religare. The brokerage sees Sensex's March 2014 target at Rs 17,000, which implies a potential 8-10% downside from current levels.

NIFTY 3-Month

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