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Market Report

Monday, 28-Oct-2013

NSE

  • Sensex, the 30-share index, which had lost 210.37 points in previous four trading sessions, opened firm and hit the day's high of 20,771.36. However, bouts of profit-selling pulled the Sensex down to 20,570.28 -- registering a loss of 113.24 points, or -0.55 per cent over Friday's close. This is the lowest closing value since 20,415.51 (October 17).

  • On similar lines, the broad-based National Stock Exchange index lost 43.80 points, or -0.71 per cent to end at 6,101.10 today, after touching a low of 6,094.10 in intraday, as investors remained cautious ahead of the RBI second quarter monetary policy review.

  • The gauge's five day downtrend is its longest losing string in three months. Volatility was also high as market participants seemed direction-less on whether to roll over their positions in the equity futures & options (F&O) segment as contracts expire on Thursday, traders said.

  • FMCG, metal, realty and banking shares witnessed heavy selling amid expectations of at least 0.25 per cent repo rate hike by RBI Governor Raghuram Rajan tomorrow.

  • The rupee recovered from the day's low and was unchanged at 61.46 versus its previous close of 61.46/47 and is off the session high of 61.35. Earlier, the rupee had weakened tracking weakness in equities with sentiment remaining cautious ahead of the Reserve Bank of India's monetary policy review on Tuesday.

  • Globally, most Asian markets ended with gains on Monday tracking Friday's gain on Wall Street. European shares are trading mixed today.

  • It appears the Nifty is likely to hold the 6,050-6,250 range for some time before it makes the next move, says Ashwani Gujral. Some experts are of the view that the markets have rallied ahead of their fundamentals as nothing has changed on the economic front in the rising interest rate environment. It's only FIIs that are fuelling the rally, say experts. The markets are close to their all-time highs, and this is a disconnect with the country's macro economic situation.

NIFTY 3-Month

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