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Market Report

Friday, 10-Feb-2014

NSE

  • The Sensex, which rose over 167 points in previous four sessions, started the day on a positive note but failed to hold onto gains. Selling in IT, banking and metal weighed. The BSE Sensex ended at 20,334.27, down 42.29 points or -0.21 per cent. Intra-day, it touched a high of 20,434.50 and a low of 20,312.21. Overall, 16 constituents of 30-share Sensex fell while 14 like RIL, L&T and ITC rose.

  • The 50-share National Stock Exchange index Nifty fell by 9.75 points, or 0.16 per cent, to end at 6,053.45 after moving between 6,083.05 and 6,046.40 during the day, as investors booked profits.

  • Traders said telecom stocks, including Bharti that shed 2.57 per cent, faced selling after fears of excessive competition came to the fore as the ongoing spectrum auction entered the 43rd round of bidding on seventh day today. The falling trend was cushioned to some extent as realty and oil & gas sector shares rose on valued buying. Midcap and smallcap indices closed in the green, indicating some retail investor interest.

  • The rupee has slightly depreciated to Rs 62.35 versus the dollar, compared with its previous close of Rs 62.29, as currency dealers believe dollar demand from oil marketing companies may emerge. Dealers believe that demand for dollars may also increase due to impending defense related purchases.

  • Expect market to bounce back, 5900-6000 to be good valuation support, says Devang Mehta. FII flows are muted at this point, but we expect that it would tend to rise in the coming days and we feel that there are good chances that the market will bounce back from here. We feel that the market at this point is on the upside, 6300 is where the market can settle, he adds.

  • The markets are not clear, says Sandeep Wagle. They are waiting for an event. So in that sense I do not see 5950 being broken. At lower levels buying is again coming in. At high levels, we are not in a position to cross 6100 or even if we cross that, I feel 6150 will act as a strong resistance. So, we should not read into it as too much of weakness or too much of strength. Certainly there is no strength, but it is not so weak where we will crash down from the current level of 6000 or 5980 or 6000 to 5700, he adds.

NIFTY 3-Month

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