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Market Report

Friday, 06-Dec-2013


  • Wiping out early losses, the benchmark BSE Sensex today added 39 points and ended at 20,996.53 today, a gain of 38.72 points, or +0.18 per cent, the highest close since November 3. Yesterday, the Sensex had surged 249 points. However, the gauge failed to close above the 21,000 level for the second day in a row after touching an intra-day high of 21,049.84. The index dropped to the day's low of 20,922.45 points in early trade.

  • The broader Nifty index on the National Stock Exchange rose 18.8 points, or +0.30 per cent, to close at 6,259.90 today, after trading in a range of 6,230.75 to 6,275.35 during the session to remain at a one-month high amid overseas capital inflows ahead of the assembly poll results.

  • Brokers said the markets remained in a bullish mood for the second straight day after exit polls showed leads for the main opposition party BJP in the just-concluded state assembly elections, for which results would come out on Sunday. They said further support came from a firm trend in some Asian stock indices and a higher opening in Europe ahead of a US jobs report, which may provide clues on the timing of the Fed's stimulus cuts.

  • The rupee was marginally higher for a third session, tracking euro gains after the ECB gave no indication of policy easing. The pair was at 61.62 versus 61.75 Thursday close.

  • If election poll result is decisive and better than the exit poll, the markets will see a turnaround in the sentiment of the domestic investors, says Raamdeo Agrawal of Motilal Oswal Financial Services. Everybody should stick to buying quality companies with strong fundamentals and not on stocks depended on the outcome of exit poll. If the election results are on track, market will start moving onto completely new expectations mode, which might turn out to be even irrational, he says.

  • In a development after our market hours, US stocks rallied at the open on Friday after a stronger-than-expected payrolls report gave traders confidence the economy would be strong enough to withstand a scaling back of stimulus by the US Federal Reserve.

NIFTY 3-Month

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