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Market Report

Monday, 07-Oct-2013


  • Reacting to fears that the ongoing budget impasse would hit the move to hike the US government's debt ceiling, the Sensex in opening trade plummeted to a low of 19,647.88 -- down 267 points. However, steady buying in information technology stocks on a weak rupee helped the 30-share index close with a slender loss of 20.85 points, or -0.10 per cent, at 19,895.10 today.

  • The broad-based National Stock Exchange index Nifty fell by 1.15 points, or -0.02%, to close at 5,906.15 today, after falling to 5,825.85 in intraday.

  • This is the first daily loss in four straight sessions for the Sensex that gained over 530 points in the last 3 days to reach a two-week high. Brokers said the market remained under pressure and moved erratically as investors remained cautious before Infosys kicks off the major earnings season on Friday.

  • The falling trend in benchmark indices was checked following upsurge in IT stocks led by TCS and Infosys. Over 60 per cent of revenues of leading software exporting companies comes from the US and Europe. The rupee was last trading at 61.93 versus the dollar, down almost 50 paise.

  • Globally, Asian shares ended lower. The World Bank reduced its 2013 and 2014 economic growth forecasts for China and most of developing East Asia on Monday, citing slower growth in the world's most populous nation as well as weaker commodity prices that have hurt exports and investments in countries such as Indonesia. European shares also traded weak.

  • Meanwhile, in a bid to improve liquidity in the banking system, RBI today cut the Marginal Standing Facility (MSF) rate by 50 basis points to 9%, after market hours.

  • No other expert comment today.

NIFTY 3-Month

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