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Market Report

Friday, 03-Jan-2014

NSE

  • The Sensex, which lost 289 points in past two sessions, fell further by 37 points, or -0.18 per cent, to end at 20,851.33. The gauge had touched the day's low of 20,731.33 before sustained buying in IT, healthcare and consumer durables scrips helped trim initial losses for the index. The broad-based National Stock Exchange index Nifty fell 10 points, or 0.16 per cent, to end at 6,211.15, after touching to a low of 6,171.25.

  • After a weak opening markets fell to a 2-week low amid weak Asian cues and slipped further after the Prime Minister Manmohan Singh at a press conference today gave no direction or specifics on what his government plans to do in the few months available. However, recovery was seen in late trades as gains in IT majors helped offset most of the losses.

  • Selling in bluechips led by auto sector on reports of lower vehicle sales and funds offloading power and capital goods shares weighed on the market sentiment, traders said. A weakening trend in the Asian region after a steep fall as gauge of China manufacturing declined in December, also dampened the sentiment, they added.

  • The rupee extended losses for a third consecutive session, as the dollar strengthened against emerging Asian currencies and as a bout of risk aversion hit local stocks. The partially convertible currency fell to as much as 62.53 to a dollar, a level last seen on December 4, as against Thursday's close of 62.26. It was last trading at 62.28.

  • General elections in India may be some months away, but the build-up of speculations that the 30-stock Sensex could test 24,000 or even 25,000 levels well ahead of the big day is gaining momentum thick and fast, say experts. Right from domestic traders to FIIs are betting on a change at the Centre that would bring an end to policy paralysis. Hope of a stable and pro-reform government seems to have already built into the markets, they add.

NIFTY 3-Month

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