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Market Report

Tuesday, 24-Sept-2013

NSE

  • After losing 746 points in last two sessions and a lower start even today, the Sensex managed to close higher by 19.25 points, or +0.10 per cent, at 19,920.21 today. The 30-share gauge touched a low of 19,782.78 as banking stocks continued to remain under pressure after rating agency Moody's downgraded the senior unsecured debt and local currency deposit rating of the country's largest bank, SBI.

  • The broad-based National Stock Exchange index Nifty improved by 2.70 points, or +0.05 per cent to close at 5,892.45 today, after moving between 5,938.40 and 5,854.55 intra-day.

  • The domestic market had slumped 3.6 per cent in the past two days as the Reserve Bank of India surprisingly raised the repurchase rate last week for the first time in two years, raising fears of more rate hikes from the central bank. The market mood was clearly choppy with participants indulging in portfolio churning ahead of the monthly derivative contract expiry, broker said.

  • The rupee was marginally down at Rs 62.62 to the dollar compared with previous close of Rs 62.60.

  • In Asia, most markets ended lower. European markets were trading with marginal gains ahead of survey of German business confidence and US housing data.

  • Time to buy on dips as market seen correcting further, say analysts. Investors should start looking at buying on dips in a weak market, while traders should maintain short positions as the market has run-up sharply this month, they say.

  • For the last 10-15 days, consistently there has been an uptick or a downtick of 1% or 2% on the Nifty. In an environment as volatile as this, it is difficult for investors to be able to trade, says Krishna Kumar Karwa of Emkay Global Financial Services. Going forward, in the next one month or so, there are not many events, except for quarterly results, which again are expected to be muted. Therefore, there is not much of support to sustain the markets from current levels. We have been drifting and will continue to drift for some time, he says.

NIFTY 3-Month

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