stock market updates

Key domestic indices declined last week as investors sold shares after the RBI took additional steps to tighten liquidity to shore up the rupee. Earlier in the week, on 23 July 2013, to support the continuous fall in rupee, the central bank tightened liquidity further and made it even harder for lenders to access funds with measures including lowering the amount banks can borrow or lend under its daily liquidity window. 

Though the measures helped the rupee rose to a five-week high of 58.69 on Friday (moving further from its record low of 61.21 hit earlier this month), but investors were again set to demand the government pay them handsomely to buy its bonds at an auction. A bond maturing in December 2020 was sold at a cut-off yield of 8.67 per cent, far higher than the 8.12 per cent coupon on the bond. 

Post market, we had the WiproBSE 1.74 % results. The company reported an 11 per cent y-o-y (3 per cent q-o-q) growth in the first quarter net profit from its continuing operations (IT business) at Rs 1,623 crore, and signalled that things were looking up going ahead. 

The management said wage hikes effective June impacted its operating margins in Q1. However it is confident of the year ahead and said it is seeing higher confidence among clients and a pickup in large deal closures. 

After a choppy week the index ended in the red. The Sensex ended at 19,748.20, losing 401.66 points, while Nifty ended at 5,886.20, losing 143 points, for the week. 

On a short term chart of Sensex and Nifty, a rising or bear wedge formation is visible. The index had broken on the downside and fell sharply by more than 3 per cent. On a weekly chart of Sensex and Nifty, a diamond formation is visible with supports at 5,680 and 18,800 respectively on the longer view. 

For the week, we expect the market to remain weak and one can look to keep 'sell on rise' strategies. The indicators on the short-term charts have turned negative supporting the bear formation. 

Investors will also keenly watch the next set of Q1 June 2013 results and outcome of the RBI's monetary policy review on Tuesday. Although investors do not expect any hike ininterest rates or the cash reserve ratio, they will closely scrutinise its statement for clues about future action. 

Other global factors like the outcomes of key policy meetings of the US Federal Reserve, theEuropean Central Bank and the Bank of England will also determine the near-term trend on the domestic bourses. 

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