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Market Report

Thursday, 24-Oct-2013

NSE

  • Sensex, the benchmark BSE index fell -0.2 percent, or 42.45 points, to end at 20,725.43 today, after earlier rising as much as +1.3 percent. The broader NSE index Nifty fell -0.23 percent, or 14 points, to end at 6,164.35 today, falling for a third consecutive session.

  • The Sensex retreated today from a near three-year high of above 21,000 on profit-taking, with software exporters taking the brunt of the selling. The 30-share index touched 21,039.42 before slipping in the red for the day. The last time it was above 21,000 was on Nov. 8, 2010. The index's all-time high is 21,206.77, hit in January 2008.

  • The Nifty took everybody by surprise in the morning as it hit three-year high levels after a tepid start. As it appeared that the all-time high level will be breached in the near term, the benchmark pared its intraday gains and slipped in the red.

  • Shares have benefited from a return of global risk appetite as poor US data has pushed back expectations of any tapering of the US Federal Reserve's monetary stimulus until 2014. However, investors are also taking the opportunity to book profits especially on recent outperformers. Foreign investors have continued to buy local shares, remaining net buyers for a 14th consecutive session. Provisional exchange data showed a net purchase of Rs 644 crore ($104.55 million) on Wednesday, bringing the total to about Rs 11,734 crore during that period.

  • The rupee continued to trade strong in afternoon trades due to dollar sale by banks. The RBI received $ 10 billion under its forex swap window, which gave a sentiment boost to curreny market. At 4:02 pm the rupee was trading at Rs 61.23 up 23p compared with previous close of Rs 61.59 per dollar.

  • Asia closed mixed with shares in China's Shanghai Composite closing down by 0.86% today. The Chinese central bank declined to inject cash for a third day as regulators showed signs of concern that loose liquidity might again be fuelling risky credit growth. Japanese Nikkei 225 index edged up by 0.4% in relatively light trade.

  • We have hit some sort of resistance now. Though it does not seem likely that we are going to collapse from here, but definitely a slow up and down type of choppy move is possible before the next leg starts. It is clear that 6,240-6,250 is not going to get taken out easily, said Ashwani Gujral,

  • The focus is now on the central bank's policy review on Oct. 29, at which it is expected to raise its key rate by 25 basis points. Five key states are also slated to go for elections in November and December, ahead of general elections due by May.

NIFTY 3-Month

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