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Market Report

Tuesday, 17-Sept-2013

NSE

  • The Sensex, which had added 10 points in the previous session, witnessed a volatile day today. After opening slightly lower, it fell to 19635.44 but recouped losses to end at 19,804.03 today, up 61.57 points, or +0.31 per cent. The broad-based National Stock Exchange index Nifty rose by 9.65 points, or +0.17 per cent to close at 5,850.20 today, after shuttling between 5,857.80 and 5,804.90 in intraday.

  • Erasing early losses, the markets today ended with a gain on the back of rise in IT stocks as the rupee showed signs of weakness against US dollar in the run up to the two-day Federal Open Market Committee (FOMC) meeting. IT stocks notched up good gains as buying increased in step with the rupee depreciating to 63-levels. A weak local currency boosts IT firms' dollar-denominated sales.

  • The weakness in the rupee continued in late trades due to persistent dollar demand by importers. The rupee was trading at Rs 63.11 compared with previous close of Rs 62.85 per dollar.

  • Total trading volumes were very low today, as was expected, amid traders adopting a cautious stance ahead of the RBI monetary policy meeting later this week. However, there was no significant reduction in retail sales (total-volume minus FII-volume minus DII-volume). See our 'Market Statistics' page.

  • Most Asian markets ended lower and the dollar firmed today as investors turned cautious head of the FOMC meet in which the US central bank is likely to start withdrawing stimulus. European markets were edgy with US stock-index futures little changed as US Federal Reserve policy makers prepared to begin a two-day policy meeting where they are widely expected to reduce its $ 85 billion of monthly bond purchases.

  • However, Wall Street has edged up on opening today, and expects Fed tapering will be modest, as per a late report from Reuters. US stocks rose slightly on expectations the Fed will make a modest cut in its stimulative bond buying and keep interest rates extraordinarily low.

  • IT is the best bet till RBI, US Fed clouds clear, say experts. A big reason for the markets to bet on IT stocks is the optimism over the economic recovery that is being witnessed in the US, they add.

NIFTY 3-Month

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