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Market Report

Wednesday, 25-June-2014

NSE

  • After opening in positive zone, the BSE Sensex slipped on selling in heavy-weight stocks, to close lower by 55.16 points, or -0.22 per cent, at 25,313.74 today. Intra-day, it moved between 25,427.80 and 25,274.39. The gauge had rallied 337.58 points in the previous session as fall in crude prices had eased inflation concerns.

  • The 50-scrip NSE index Nifty shed 10.95 points, or 0.14 per cent, to end at 7,569.25 after touching day's high of 7,589.25. Intra-day, it hit a low of 7,557.05 today on caution ahead of monthly derivatives expiry and volatile global oil prices due to continued violence in crude producer Iraq.

  • Brokers said investors, who had been buying in the past few sessions, trimmed positions by booking profits ahead of tomorrow's monthly expiry in futures and options contracts. Automobile company stocks caught buyers' fancy at the fag-end after government extended excise duty concessions by six months. Besides, a weak trend in other Asian markets and a lower opening in European markets also influenced the sentiment.

  • The Indian rupee was trading lower at 60.10 compared with its previous close of 60.13, tracking the dollar's gains against other Asian currencies while the weakness in the domestic equity market also weighed on sentiment.

  • Investors are now waiting for the Budget that shall be announced in early next month. Till then, market is likely to continue with volatility and show consolidation, said Nidhi Saraswat of Bonanza Portfolio.

  • Pre-Budget rally could very well begin from next week, say experts. After rallying nearly 5 per cent so far in the month of June, benchmark indices are facing some stiff resistance around key resistance levels, weighed down by escalating tensions in Iraq, monsoon woes and depreciating rupee. However, experts see the above factors as mere short-term headwinds and expect the markets to inch higher ahead of the Budget. Some see the Nifty scaling above 8,000 levels around the Budget, which translates into an upside of a little over 6 per cent.

NIFTY 3-Month

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