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Market Report

Tuesday, 12-Nov-2013

NSE

  • The Sensex dropped by 209.05 points, or -1.02 per cent, to 20,281.91, a level last seen on October 10. The bluechip index has now lost close to 1,000 points in six trading days after its record closing high of 21,239.36 on Diwali.

  • On similar lines, the broad-based National Stock Exchange index Nifty fell by 60.75 points, or minus one per cent, to close at 6,018.05 today dragged by stocks of metal, power and banking sectors. Extending its freefall to the sixth session in a row, the benchmark today slipped to over one-month low as the rupee approached the 64-mark against dollar, ahead of IIP and retail inflation data due post-market hours today.

  • Brokers said the selling pressure gathered momentum as rupee continued to slide and hit an intra-day low of 63.83, fanning fears of rise in inflation which may compel the RBI to hike interest rates further. The rupee, which till yesterday had fallen for five days, is trading at levels seen two months ago and devalues foreign investments in stocks and bonds, said analysts. Car sales, often considered by investors as a signal of consumer sentiment, also gave little cheer with domestic sales declining by 3.88 per cent in October.

  • Globally, Asian shares were mixed today as a surprise surge in US jobs growth heightened worries the US Federal Reserve will start reducing stimulus as soon as next month. Japanese stocks, however, rose to a near three-week high today, as exporters benefited from a softer yen. European markets opened lower and further dampened sentiment.

  • No major sign of weakness may be seen till the time Nifty holds above the major support of 6000 and stock-specific action can continue, say experts.

  • After market hours today: The industrial growth number for the month of September came in at a disappointing 2%, way below the market expectation of growth at 3.6% versus 0.6% in August. The government also released the CPI inflation data, which was at 10.09% as against 9.84% in the previous month. Consumer food price was at 12.56% versus 11.44% in September. Inflation over 10% is a dangerous thing. Experts are however bullish on the India growth story.

NIFTY 3-Month

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