IntradayTrade dot Net dot IN
Market Report

Tuesday, 17-Dec-2013


  • After a better start at 20,732.44, the Sensex inched up to 20,784.03 on value-buying and positive cues from Asia. However, it struggled at the day's peak and wiped off all gains to enter the negative terrain in the second half. The 30-share Sensex closed down 47.38 points, or -0.23 per cent, at 20,612.14 as 14 stocks declined while 16 rose. The Sensex has now lost over 714 points in six sessions.

  • The 50-share NSE index Nifty fell by 15.65 points, or -0.25 per cent, to close at 6,139.05 today, after touching the day's high of 6,190.55. The Nifty extended its fall for the sixth straight session and closed below its 50-DMA as traders resorted to profit-booking ahead of the Reserve Bank of India's policy meet.

  • The central bank is likely to hike repo rate by 25 basis points tomorrow but any hawkish tone in the commentary or indication of further rate hikes may lead to sharp correction in the market. Expectations of a 0.50 per cent hike by RBI tomorrow have also built up after wholesale price index based inflation data came out higher-than-expected and price rise in retail level soared to over 11 per cent, said analysts.

  • Mixed global cues before the US Federal Reserve starts its two-day meeting, also affected domestic sentiments. The initial gains today were also lost on weak opening in European stock markets, traders added. Asian markets ended mixed on Tuesday.

  • Expect Nifty levels of 6,000-5,980 in next two weeks, says Mitesh Thacker. We have had two days of subdued market when intraday pullbacks were attempted but they were very weak. It is a nervous market which keeps on declining. Even if something positive comes out, levels of 6,200-6,220 on the upside will be difficult level for the markets to cross, he adds.

NIFTY 3-Month

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