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Market Report

Wednesday, 06-Aug-2014

NSE

  • The BSE Sensex index, which rose over 427 points in previous two sessions, started the day on a negative note and continued to decline as selling in blue-chips weighed. It settled 242.74 points down, or -0.94 per cent, at 25,665.27 today. Intra-day, the index touched a high of 25,901.68 and a low of 25,621.85.

  • The 50-share NSE index Nifty dipped below the 7,700-mark by falling 74.50 points, or 0.96 per cent, to end at 7,672.05 after moving between 7,740.95 and 7,658.95 during the day, in line with weak global cues amid worries the conflict in Ukraine could worsen.

  • Besides profit-booking in metal, banking, realty and oil & gas shares, the rupee slumping to near five-month lows of 61.41 (intra-day) against dollar also soured sentiment. In oil trade, the benchmark West Texas Intermediate (WTI) for September delivery rose 10 cents to USD 97.48 while Brent crude gained 25 cents to USD 104.86 in afternoon trades.

  • Nifty likely to go up if rupee appreciates, says Ashwani Gujral. Nifty will go up in a scenario where rupee is appreciating, where cyclicals are going up and where Bank Nifty is going up. The whole basis of this bull market was cyclicals and whenever cyclicals revive, only then Nifty hits fresh highs. Till then, CNX IT keeps making newer highs and clearly, the reason it is at new highs and maintaining them is because of the currency, he adds.

  • Nifty likely to touch 7800 mark; expect stock specific movement, says Mitesh Thacker. We are not seeing follow up of last two days of buying. I was looking at hoping that 7700 would hold on. We did bounce back sometime around the noon from 7700 levels but the bounce back was immediately sold into. Trading would have to be extremely stock specific and that is the way we are approaching the markets, trading with the individual stocks merit, he says.

  • Reserve Bank of India (RBI) Governor Raghuram Rajan says global markets are at risk of a "crash" should investors start bailing out of risky assets created by the loose monetary policies of developed economies. Rajan said he worried about the impact of investors exiting markets all at once after buying heavily into assets inflated by these loose central bank policies. The former chief economist at the International Monetary Fund compared the current global markets to the 1930s - a period marked by the Great Depression.

  • In a development after market hours, the Cabinet tonight cleared the long-delayed proposal for raising FDI limit in defence to 49 per cent and fully opened up the railway infrastructure segment, like high-speed trains, for foreign investment.

NIFTY 3-Month

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