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Market Report

Monday, 06-Jan-2014

NSE

  • The 30-share Sensex fell 64.03 points, or -0.31 per cent, to close at 20,787.30 as 21 constituents ended in the red. Intra-day, it had touched the low of 20,721.98 today. The 50-share NSE index Nifty closed down 19.70 points, or -0.32 per cent, to end at 6,191.45 today as investors continued to adopt a cautious stance ahead of quarterly earnings.

  • The BSE benchmark has now lost over 383 points in this calendar year and is yet to close on a positive note so far. Data showing the country's service sector output again falling in December and negative cues from global markets also affected the domestic sentiment, traders said. Tata Power, SBI and Hero MotoCorp were among the biggest losers. However, midcap and smallcap shares continued to outshine its larger peers.

  • Earlier today, the HSBC/Markit Purchasing Managers Index (PMI) for the services industry fell to 46.7 in December from 47.2 in November, registering the sixth consecutive monthly drop in output levels. Later, government data showed gross direct tax collections rose 12.33 per cent to Rs 4.81 lakh crore during the first nine months of this financial year.

  • The rupee continued to be sluggish and was last trading at 62.35 levels against the dollar when stock markets closed compared with Friday's close of Rs 62.16. The rupee came off its day's lows of Rs 62.45 to the dollar on report that the RBI has intervened and bought a small quantity of dollars.

  • Globally, Asian stocks ended down tracking China's weak December services PMI. Shares in Japan witnessed profit taking after recent gains while a stronger yen also dampened sentiment. European shares remained volatile in a narrow range as investors remain cautious ahead of key economic data from the euro zone and minutes of the US Fed meeting later this week.

  • The Reserve Bank's third quarter review of monetary policy 2013-14 is on January 28. How the RBI plays its cards remains to to be seen. A positive signal from the RBI is seen as a welcome news for the market. While experts are partly ruling out a hike in policy rates, they do not see the rates being cut in the near term. Experts do not see a sharp negative reaction from the markets ahead of elections. They say that the worst is over for India and markets.

NIFTY 3-Month

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