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Market Report

Thursday, 31-Oct-2013

NSE

  • The Sensex hit another record closing high today, and is just 42.25 points away from its lifetime intraday high. The lifetime intraday high for Sensex is 21,206.77, while the same for Nifty is 6,357.10. The S&P BSE Sensex, which had gained 464 points in past two sessions, ended at an all-time high of 21,164.52 today, up 130.55 points or +0.62 per cent. The Nifty closed at 6,299.15 today, up 47.45 points or +0.76 per cent. It is now 57.95 points away from its lifetime intraday high. Nifty today closed at highest level since November 9, 2010. It had earlier touched intra-day high of 6,309.05.

  • Benchmark indices witnessed a sharp pull-back rally in the last half an hour of the trading session. The gains came on the back of heavy volumes, amid expiry of monthly derivative contracts. The market turnover swelled to over 5 lakh crore for the first time ever today. At the end of today's trade, the total investor wealth stood at Rs 68,44,774 crore -- an increase of over Rs 64,000 crore from yesterday's level. However, this still far below the country's record high investor wealth level, which was recorded on November 5, 2010 at nearly Rs 77,28,600 crore, when the Sensex had closed at 21,004.99 points, the earlier all-time closing high.

  • Earlier in the day, the markets were cautious, witnessing bouts of profit-booking, as the US Federal Reserve yesterday indicated that QE3 could taper sooner than expected. Foreign investors, the biggest drivers of change in the Indian market, have bought Rs 13,991 crore of shares in October so far, taking their purchases in the Indian stock market in 2013 so far to Rs 85,837 crore.

  • Even as the markets cheered, the Indian currency rupee weakened today due to dollar demand from importers on the last day of the month. At 1600 hrs, the rupee was trading at Rs 61.39 compared with previous close of Rs 61.24 per dollar.

  • Globally, Asian markets suffered a glancing blow today after the US Federal Reserve's latest policy outlook was deemed less dovish than some had expected, lifting both bond yields and the dollar. The damage was mostly superficial actually, with not much losses anywhere. European stocks pulled back from five-year highs with all the major indices trading in the red.

  • Most analysts are of the view that near-term pressure will persist given the fact that most of the present rally was seen on the back of strong global liquidity, but with elections around the corner, improvement in macro economic data, stabilising rupee and rate-cuts by the Reserve Bank of India (RBI), the markets should get the much needed support.

  • The levels of 6300 on the Nifty have come twice before today. Once in 2008, it came with a lot of euphoria and in 2010, it came very quietly and only the large caps participated and midcaps and small caps fell by the wayside. From here if we do not broaden out this rally, if midcaps, small caps do not participate, then it will be one of those 2010 type of rallies which were difficult to sustain, said Ashwani Gujral. FIIs cannot buy endlessly.

NIFTY 3-Month

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