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Market Report

Thursday, 07-Nov-2013

NSE

  • After gaining nearly 248 points to cross the 21,000 mark in early trade, Sensex the bluechip index ended down at 20,822.77 today, a drop of 72.17 points, or -0.35 per cent -- the third straight loss. This the Sensex's lowest value at closing after 20,570.28 hit on October 28. The Sensex has now lost over 417 points in the past three days in stark contrast to the jubiliant mood after the index closed at all-time high of 21,239.36 on Sunday.

  • Similarly, the broader-based National Stock Exchange index index Nifty fell by 27.90 points, or -0.45 per cent, to end at 6,187.25 today, after touching the day's high of 6,288.95 to a fresh one-week low on heavy selling in consumer durables, banking and power shares after rating agency S&P cautioned it could downgrade India if the next government fails to reverse the slide in GDP growth.

  • S&P affirmed their sovereign credit rating on India, adding that the outlook on Asia's third-largest economy remains negative. India's is rated at "BBB- minus" which is the lowest grade investment rating. S&P however said it may revise the country's outlook back to "stable" should a new government have an agenda to restore growth, improve the country's finances, or allow the implementation of an effective monetary policy.

  • The Indian rupee continues to weaken as concerns about US Fed tapering resurfaced. The rupee fell to the lowest level in five weeks by plummeting to 62.73 per dollar in early trade and was last trading at 62.54 levels, slightly recovered on suspected RBI intervention said reports. It had closed at a five-week low of 62.39 on Wednesday. The weak rupee helped IT stocks like Infosys and TCS gain.

  • However, the broader market was in a cautious mood influenced by weak Asian cues and lower opening in Europe ahead of US economic growth data and European Central Bank rate decision.

  • Despite weak closings in the last few sessions, Foreign institutional investors (FIIs) were net buyers of Indian stocks, according to provisional data from the stock exchanges. This shows foreigners continue to remain bullish on Indian stocks. See our 'Market Statistics' page.

NIFTY 3-Month

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