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Market Report

Monday, 02-Sept-2013

NSE

  • Extending gains for the fourth day, the BSE benchmark Sensex today climbed over 266 points to close at nearly three-week high of 18,886.13 on heavy buying in metal, FMCG, oil & gas shares, amid firm global markets. After rising nearly 652 points in last three days, the Sensex advanced further by 266.41 points, or +1.43 per cent to close at its highest level since 19,367.59 on August 14.

  • On similar lines, the broad-based National Stock Exchange index Nifty added 78.95 points, or +1.44 per cent, to 5,550.75, after touching day's high of 5,564.90 and a low of 5,478.85.

  • Brokers said easing crude oil prices might help in cooling inflation and trim the current account deficit of the country, which imports 80 per cent of its oil requirements. A firming trend in the Asian region and higher opening in Europe after China's manufacturing rose to a 16-month high, boosted the domestic market sentiment, they added.

  • Markets ended firm for fourth consecutive trading session today as risk-appetite improved after robust China's manufacturing data signalled hopes of growth recovery in world's second-biggest economy. China's economy is strengthening after a two-quarter slowdown, with a manufacturing gauge rising to a 16-month high in August.

  • The rupee weakened marginally in early trade because of the weak GDP numbers that came in on Friday after market hours. The market today discounted the weak Rupee, India's disappointing Q1 GDP figures and downward revisions by brokerages. However, volumes were quite low today.

  • Volatility may rule as overseas investors remain in sell mode, say experts. Markets are expected to remain volatile this week, with players continuing to be wary of FIIs that have sold equities worth $4 billion. The possibility of a combined US-UK military strike on Syria and the threat of turmoil in the Middle East significantly affected global market sentiments, they say.

NIFTY 3-Month

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