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Market Report

Friday, 04-Oct-2013

NSE

  • After touching the day's high of 20,052, the Sensex fell to a low of 19,833.17 before ending moderately higher by 13.88 points, or +0.07 per cent, to close at 19,915.95 today. The gauge had gained 522 points in the last two trading sessions. For the entire week, Sensex gained 188.68 points or +0.96 per cent.

  • The broad-based National Stock Exchange index Nifty also failed to hold initial gains and fell by 2.40 points, or -0.04 per cent, to close at 5,907.30 today in a volatile session ahead of the September quarter earnings season.

  • Stocks took support from a stronger rupee which was last trading at 61.45 levels versus the dollar compared to 61.73 yesterday. Meanwhile the services PMI in September continued to be lower for third consecutive month, which also led to selling pressure on rallies.

  • Brokers said while government's plan to inject funds in PSU banks to provide cheaper loans sparked off interest in interest-sensitive stocks but a mixed trend in global markets capped gains.

  • Globally, Asian markets were led lower by a near 1% drop on Tokyo's Nikkei while Europe was up marginally after a weak start.

  • Deutsche Bank sees Sensex hitting 21,000 levels by December 2013. However, analysts say EMs, including India, are likely to remain volatile ahead of debt ceiling negotiations and FOMC meet.

  • Although the markets have been closing in the green zone since the US shutdown came into effect, intraday trades have been highly volatile. This volatility has got more to do with the situation in China, rather than the US tapering, say experts. As far as America is concerned, there is not much to worry about even if the shutdown gets prolonged, say analysts. But they are somewhat sceptical on China going forward. If there is any adverse financial development in China, then that will have repercussions for the whole of the emerging markets universe, they say.

NIFTY 3-Month

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