Rupee Deciding Market Moves
Suparna / 19 Aug 2013
Following the continued crash in the USDINR, the indices continued to fall. A nominal recovery was seen in the closing session, with the Nifty ending down by 93 points at 5414 and Sensex closed 290 points lower at 18307.
The Indian market tumbled for the second consecutive day today, largely following the continued crash in the USDINR. The RBI and the government were able to do precious little to stop the currency’s declining trend. The markets, though, did see a nominal recovery in the closing session. The Nifty ended down by 93 points at 5414 and Sensex was 290 points lower at 18307.
The advance-decline ratio ended on the negative side today. On the NSE, 1357 shares closed in the green, while 1956 shares were in red.
Top 5 Nifty Gainers: Tata Steel was the highest gainer on the NSE, up by 4.89%. JP Associates, Jindal Steel, Hindalco and DLF were also in the green zone.
Top 5 Nifty Losers: Bank of Baroda closed the day down by 6%, followed by Axis Bank, Bharti Airtel, IDFC and ICICI Bank.
11 out of the 13 sectors ended in the red. Bankex and Auto were the top losers, down by 367 points and 332 points respectively. Heathcare also ended lower by 223 points and Capital Goods was down by 120 points. FMCG and Oil & Gas crashed by around 120 points each. Mid-Caps and Small-Caps were both down by around 65 points.
The Nikkei was the top gainer in the Asian markets, up by 108 points. The Hang Seng dipped by 54 points. Straits Times and Taiwan also ended on a negative note.
Buzzers: Union Bank, Canara Bank and Bank of Baroda made their respective 52-week lows after international ratings agency Moody's downgraded their financial strength ratings or BFSRs and the issuer ratings of some states.
The Nifty witnessed no signs of major recovery. Its closing level indicates more of a downward move ahead.
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