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Market Report

Wednesday, 06-Nov-2013


  • After losing 265 points in the previous sesssion, the Sensex, extending its losing run to the second day, fell further by 79.85 points, or -0.38 per cent, to close at 20,894.94 today -- its worst closing since 20,570.28 on October 28. The 50-scrip National Stock Exchange index Nifty fell by 38 points, or -0.61 per cent, to end at 6,215.15 today as investors booked profits in consumer durable, banking and metal shares.

  • Today's market was pulled down mainly by the falling Rupee. An upsurge in software exporters, like TCS, Infosys and Wipro, however capped the losses to some extent after rupee fell to 62-levels against the dollar. However, mid-cap and small-cap shares fared better than bluechips as retail investors were seen buying these scrips, traders said.

  • The gauge had rallied to an all-time high on Sunday in a special Muhurat trading session with foreign investors remaining net buyers for over 21 straight days, better-than-expected corporate earnings and renewed optimism over the economic recovery.

  • Globally, Asian shares ended lower today with the exception of Japan's Nikkei which ended up +0.8%. European stocks were trading higher on better-than-expected corporate earnings.

  • Strong support for Nifty seen at 6200 and 6000, says Chetan Jain of Anand Rathi. If it fails to hold this level, then only medium term trend reversal may be seen whereas if it sustains above the crucial resistance of 6350 levels, then a major breakout cannot be ruled out, he adds.

  • Experts say, benchmark indices have failed to gather momentum at higher levels and have consolidated in a narrow range so far in this week. The 50-share Nifty today slipped below its psychological level of 6,300, while Sensex struggled to hold onto 21,000 levels. According to analysts, markets are consolidating at this point in time and there is a 50-50 chance that the market rally is over. Most analysts see levels of 6,080 on the Nifty as a make-or-break for the index. Technical chartists give importance to momentum; and at this juncture when the markets are trading at their all-time highs, if the momentum is lost, chances are it may slip even further.

NIFTY 3-Month

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