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Market Report

Wednesday, 11-Dec-2013

NSE

  • The Sensex, which had lost 71 points in the previous session, fell further by 83.85 points, or -0.39 per cent to close at 21,171.41 today, after touching the day's low of 21,069.45. The broad-based National Stock Exchange index Nifty lost 24.95 points, or -0.39 per cent, to end at 6,307.90 today on weak global cues and concerns over export growth deceleration in November, amid cautious trading ahead of industrial production and inflation data tomorrow.

  • The Sensex had climbed to an all-time high of 21,484.74 intra-day on December 9, after a good showing by main opposition BJP party in Assembly elections in four states.

  • Sentiment dampened after export growth decelerated to 5.9 per cent YoY in November, following four consecutive months of double-digit growth. Indecision was also seen ahead of the November retail inflation and October IIP, said traders. Investors also reduced their holdings before policy meetings by the RBI and the US Fed Open Market Committee next week, brokers added. Brokers said the market was in an 'overbought' position in past few sessions and that lured investors to book profits.

  • The rupee snapped its five-day rising streak against the US dollar and fell by 28 paise at 61.32 per dollar in early trade today at the Interbank Foreign Exchange market on fresh dollar demand from importers. The rupee had closed at Rs 61.04 to the dollar on Tuesday.

  • A weakening trend in the Asian region and lower opening in Europe further influenced the domestic market. Asian shares ended lower as investors booked profits amid uncertainty over US Fed's bond tapering programme. Shares in Japan were down amid a stronger yen, while profit taking in bank shares pushed Shanghai Composite and Hang Seng down. European shares staged a recovery after a flat opening.

  • Elections really do not matter in the long run, says IV Subramaniam of Quantum AMC. The outcome of the elections do not really worry us so much as much as what it does to the economy and if you look at the last 30 years, Indian economy has grown at an average of around 6-6.5% and that is irrespective of the different kind of governments which we have had over these years. What we need to look at is the underlying business conditions, he says.

  • Nirmal Jain, Managing Director of IIFL, is of the view that a BJP-led stable government, which is the most likely emerging scenario, could see retail investors returning to markets with a bang.

NIFTY 3-Month

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