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Market Report

Tuesday, 10-Dec-2013

NSE

  • The Sensex, which had climbed to an all-time closing high of 21,326.42 in the previous session, fell by 71.16 points, or -0.33 per cent to 21,255.26 today. Intra-day, the gauge moved between 21,175.08 and 21,327.75. The 50-share National Stock Exchange index Nifty fell by 31.05 points, or -0.49 per cent, to end at 6,332.85 today. It had climbed to a record high of 6,363.90 yesterday.

  • The market fell for the first time in 4 days today hurt by losses in power, capital goods and banking shares, amid profit-booking after the recent rise took it to a record high. Trading sentiment was also dampened on a weakening Asian trend and lower opening in Europe as reports said Chinese industrial production rose less-than-estimated last month.

  • The Indian rupee was trading flat in noon trades because of dollar buying by oil marketing companies. At 3:55PM the rupee was trading at Rs 61.15 compared with previous close of Rs 61.14 per dollar. The weakness in stock markets also weighed on the currency.

  • Apart from these factors, markets also saw selling pressure after Fitch expressed fears that the defeat of Congress in four of the five state assembly polls could lead to higher fiscal deficit target as the government would be constrained to curb expenditure.

  • FIIs high on BJP factor: Analysts see Sensex at 24,000, Nifty at 7,000 by March, reports ETNow. Foreign investors were buyers of Rs 2,473 crore ($404.73 million) in Indian equities on Monday, their biggest single day buying since September 19, regulatory and exchange data show. Overseas investors also bought Indian equity derivatives worth Rs 3,737 crore on Monday, exchange data shows. Foreign investors have bought Rs 1 trillion ($16.23 billion) so far this year in shares, making these capital flows vital for India's current account balance. Their huge participation continued today. See out 'Market Statistics' page.

  • Fact check: Markets are pitted against few data events this coming week. We have the CPI and the IIP data points this Thursday which are not going to be good, say experts. Then we have the US Fed commentary this 17th and 18th, and adding to that we might see a repo rate increase by the RBI also on the 18th itself. Market will have to adjust to these events, going forward.

NIFTY 3-Month

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