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Market Report

Thursday, 02-Jan-2014

NSE

  • Sensex, the 30-share index, fell massive 485 points from day's high. It closed at 20,888.33 today, down 252.12 points or -1.19 per cent against previous close. It touched a high of 21,331.32 and a low of 20,846.67 in trade today. The Nifty ended at 6,221.15 today, down 80.50 points or -1.28 per cent. It touched a high of 6,358.30 and a low of 6,211.30 in trade today.

  • The fall is due to some kind of basket selling, and it is on the return of the FIIs and good volumes after a lull. The Nifty fell below its 20-day average and registered its worst percentage fall since November 21, 2013. Analysts are advising traders to get out of longs and initiate fresh short positions.

  • The Rupee is off its highs as a large petrochemical company bought dollars, dealers say. The pair is 62.06 versus Wednesday's close of 61.90/91 after dropping to 61.74 in intraday.

  • Globally, Asian share markets endured mixed fortunes today in the wake of disappointing data on Chinese manufacturing, while investors showed renewed appetite for commodities as the New Year got underway. Markets in Europe too were weak with CAC, DAX and FTSE down 0.4-0.8%.

  • There is a possibility that some of the FIIs are rattled by the populist measures that Delhi has initiated for power and water; and now Maharashtra is carrying the clarion call. If these populist moves gather steam before the election then obviously somebody is getting rattled, says Jagdish Malkani, Member, NSE. A K Prabhakar, independent market expert, is of the view that AAP effect is certainly taking a toll on our markets.

  • This market fall is a very clear case of a profit booking and I don't think it will stop anytime soon. The speed, the momentum at which the prices have fallen in some of the stocks suggests that there is some more downside certainly, said Sandeep Wagle of APTART Technical Advisory Services.

NIFTY 3-Month

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