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Market Report

Wednesday, 15-Jan-2014

NSE

  • Supported by gains in rate-sensitive banking, realty and auto sector stocks, the 30-share BSE Sensex rallied by a whopping 256.61 points, or +1.22 per cent, to end at 21,289.49 today, its highest closing since 21,326.42 on December 9. It touched a high of 21,302.73 and a low of 21,091.46 in today's trade. Yesterday, Sensex had lost 101.33 points on profit-taking.

  • The Nifty closed at 6,320.90, up 79.05 points, or +1.27 per cent. It touched a high of 6,325.20 and a low of 6,265.30 in today's trade after WPI inflation figure also sprung up a positive surprise, falling to its lowest since July 2013, reinforcing expectations the Reserve Bank of India will keep interest rates on hold.

  • The WPI inflation eased to 6.16 per cent for the month of December as against 7.52 per cent in November. The better-than-expected decline was primarily on the back of lower primary articles inflation. Manufactured inflation was stable on a month-on-month basis. The easing inflation has raised market hopes that the Reserve Bank of India might continue to maintain its status quo on interest rates at its policy meet on January 28.

  • Brokers said along with the rising trend in other Asian and the European markets after the World Bank raised its global growth forecast, wholesale inflation declining to a five-month low of 6.16 per cent in December, raised hopes that the Reserve Bank will ease interest rates and prop up growth. However, profit-booking by some traders at higher levels, trimmed gains in some stocks, they added.

  • The Indian rupee appreciated against the US dollar after December WPI eased to a 5-month low. The rupee was traded at 61.50 compared to its previous close of Rs 61.52 to the US dollar.

  • F & O Tracker: 6,150 key support level for Nifty, say experts. Nifty future witnessed significant liquidation of long positions from 6,400 to 6,150 levels, as future OI reduced by around 3% last week, they say.

  • Expect Nifty to stay in 6200-6400 range in near term, says Sandeep Wagle. Market may not run away, but it may not crash down as well. 6200 has made some kind of bottom and the range on the Nifty is expected to be between 6200 and 6400, he adds.

NIFTY 3-Month

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