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Market Report

Thursday, 29-Aug-2013

NSE

  • After a solid start, the Sensex remained in the positive zone for the entire session and ended 404.89 points higher, or 2.25 per cent, at 18,401.04 today. This is the best gain since 407-point rise on August 22. The broad-based National Stock Exchange index Nifty rose by 124.05 points, or 2.35 per cent, to end at 5,409.05 led by stocks of refinery, metal and FMCG sectors after the Reserve Bank of India decided to provide dollars directly to oil companies.

  • Buoyed by RBI's move to provide dollars directly to oil marketing companies, the rupee rose to 67.30 per dollar in intra-day trade after touching all-time low of 68.85 in the previous session. The Indian rupee posted its biggest single-day gain since mid-January 1998 as the relatively aggressive internvention helped. Investors became richer by Rs 1 lakh crore. Brokers said a firming global helped domestic markets as investors awaited US second quarter GDP data.

  • Mirroring the turnaround in rupee, stock markets today soared with the S&P BSE benchmark Sensex logging its best gain in a week of nearly 405 points on across-the-board buying after RBI opened a special window to help PSU oil firms meet daily forex needs.

  • Analysts are of the view that rate-sensitive stocks, especially banks which have been hammered by traders in August, will continue to remain under pressure given the fact that the rupee has plunged considerable against the USD. Analysts are also of the view that high inflation and all-time lows that the rupee is seeing will make it difficult for the central bank to announce any rate cut at its next meet.

  • The biggest plus point today is the big volumes continued after yesterday and high participation of FIIs on the BUY side. We are not out of the woods yet, as FIIs remained net sellers today also. See our 'Market Statistics' page.

NIFTY 3-Month

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