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Market Report

Friday, 17-Jan-2014

NSE

  • The BSE Sensex, which had lost 24.31 points yesterday, dropped further by 201.56 points, or -0.95 per cent, to end at 21,063.62 today, after touching an intra-day low of 21,015.61. The 50-share National Stock Exchange index Nifty fell 57.25 points, or -0.91 per cent, to end at 6,261.65 today.

  • On a weekly basis, the Sensex closed 305.13 points higher, its best gain in four weeks. With domestic markets witnessing stock-specific action, a mixed trend globally as investors awaited reports on US housing starts and industrial production, also influenced the sentiment, brokers said.

  • Markets ended lower after the sharp correction in Tata Consultancy Services dampened sentiment in IT sector while financials which had firmed up on expectation that the RBI may continue to maintain status quo on key policy rates also witnessed profit taking.

  • The Rupee was last trading at 61.42 after touching 61.31, its highest since December 11 and below its close of 61.5350 on Thursday. Traders say good foreign bank selling of the greenback likely on behalf of clients looking to invest in the debt market is hurting the Rupee. The dollar pushed higher on Friday and Asian stocks clawed their way off session lows, moving past downbeat results on Wall Street as some investors wagered that upcoming US data will paint an optimistic picture of the world's largest economy.

  • BSE Sensex is expected to be at 23,000-23,500 level by the year-end because of lower valuation and uptick in company earnings as economic growth picks up, says British lender RBS Private Banking. In India, the inflation scenario is turning up and factors like the good monsoon will move it down, they said, adding that this encourages the bank to estimate rate cuts if up to 0.75 per cent by the Reserve Bank between April and December. This will push up the lagging investment climate and cheer the markets, they added.

NIFTY 3-Month

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