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Market Report

Wednesday, 23-Oct-2013

NSE

  • After a tepid start, Sensex plunged 275.25 points intra-day on heavy selling but recouped some losses to end at 20,767.88 today, still down 97.09 points, or -0.47 per cent. The broad-based National Stock Exchange index Nifty fell by 24.45 points, or -0.39 per cent, to close at 6,178.35 today, after touching the day's low of 6,116.60 in intra-day.

  • This is the lowest closing for index since October 17 (20,415.51). Brokers said selling in bluechips had picked up following disappointing quarter earnings by companies such as Cairn India, Dish TV, Exide Industries and Ramco Cements. IT major Wipro fell by -4.41 per cent after the company's sequential revenue growth continued to lag peers in the September quarter while TCS and Infosys fell on profit-taking.

  • Globally, a weak trend in the Asian region and lower opening in Europe after China's money-market rates surged, also had an adversed impact on the Indian market despite soft US jobs data quelling fears of sooner-than-expected tapering of the economic stimulus.

  • Trading sentiment dampened after India Ratings and Research said it expected the country's GDP growth to remain sluggish at 4.9 per cent in the current financial year, due to a mix of domestic and external factors.

  • The rupee is off highs on dollar bids from state-run banks for defence purchases of the government, other importers. The USD/INR pair was at 61.58, off 61.05 highs. The unit closed at 61.66 per dollar on Tuesday. Weakness in stocks is also hurting the USD/INR pair, says a dealer.

  • Asian stock markets surrendered early gains on Wednesday on fears of tighter policy in China, while the dollar dropped after tepid US jobs data vanquished expectations that the Federal Reserve will taper its stimulus before next year. European markets opened lower and snapped their nine-session winning streak.

  • No other expert comments today.

NIFTY 3-Month

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