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Market Report

Thursday, 26-Sept-2013

NSE

  • The 30-share Sensex, which had gained 63 points in the previous session, added 37.61 points, or +0.19 per cent to close at 19,893.85 today, after moving between 19,997.28 and 19,826.99 in intraday.

  • The 50-scrip National Stock Exchange index Nifty advanced 8.40 points, or +0.14 per cent to end at 5,882.25 today. It shuttled between 5,917.65 and 5,864.10 during the session. It gave up all intraday gains and sacrificed 5900-level as investors squared off their pending positions on expiry of monthly derivatives.

  • Brokers said stocks also got support from the RBI's assurances that the central bank would take measures to provide adequate liquidity in the banking system. A firming Asian trend and lower opening in Europe ahead of US jobless claims, also influenced the trading sentiment in domestic markets to some extent, traders said.

  • The Indian Rupee has stabilised for now after an extremely volatile August which saw the Indian currency test new all-time lows and lose over 20 per cent against major global currencies. The rupee has seen a smart recovery of near 10 per cent after Raghuram Rajan took over as the Reserve Bank chief. However, the pressure on the rupee is likely to build up ahead of the Fed meet in October, when a decision on quantitative easing ( QE) is expected. Rupee seen at 69.50 against US dollar by year-end.

  • Indian markets are likely to remain subdued and rangebound in the near term as reforms are likely to take a back seat ahead of 2014 general elections, say analysts. Tough structural reforms that are crucial to kick-start the economy will be very difficult to push through in the run-up to the general elections, due latest by May 2014, they add.

NIFTY 3-Month

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