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Market Report

Friday, 27-Sept-2013

NSE

  • After rising 87 points in early trade, the Sensex saw continued selling and closed by 166.58 points, or -0.84 per cent, to close at 19,727.27 today -- the lowest level since 19,270.06 on September 6, 2013. Similarly, the broad-based NSE index Nifty fell by 49.05 points, or -0.83 per cent, to end at 5,833.20 today as shares slipped on fears of further rate hikes after RBI Governor Raghuram Rajan's comment that inflation in still high.

  • Asked about RBI's policy stance, Rajan in Frankfurt said: At this point we are neutral, we will see how things develop. Unfortunately there is still some inflation when you strip out the effects of food and energy. Therefore, it is not just food, it's other factors also which are driving inflation, the RBI Governor said.

  • Brokers said buying activity slowed also down as investors turned cautious ahead of the current account deficit (CAD) data on Monday and a weak trend in the global stock markets.

  • In the broader markets, the smallcap index was up +0.3% while the midcap index closed down -0.1%. Both the indices relatively outperformed the main benchmarks which are down nearly -1%.

  • The Rupee has weakened a bit today and was trading at Rs 62.38 at 1600 hrs, compared with previous close of Rs 62.08 per dollar. It had hit an intraday high of 61.7300 today.

  • March 2014 level for the Sensex is 17,000 and the rupee is seen at 69.50 against the US dollar, say analysts. There are various factors along the way, foremost being elections, then before that we have a possible tapering of QE by the US Fed, and RBI hike in interest rates, they add.

NIFTY 3-Month

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