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Market Report

Wednesday, 12-Feb-2014


  • The benchmark Sensex today rose 85.12 points, or +0.42 per cent, logging its best gain in three weeks, to end at 20,448.49 buoyed by jump in bluechips like ICICI Bank, RIL and L&T ahead of industrial output and retail inflation data. The 50-share NSE Nifty rose 21.30 points, or +0.35 per cent, to end at 6,084.00 today. Intra-day, it hit a high of 6,106.60.

  • After gaining 29.10 points in the previous session, the Sensex advanced for the second day. Intra-day, it traded in a narrow range of 20,427.23 and 20,516.60. Today's gain was the highest since the 86.55-point increase on January 22, 2014.

  • Market ended a third-consecutive session in gains as sentiment around the world got a boost after US Federal Reserve's new chairperson Janet Yellen hinted at keeping the monetary policy unchanged under her leadership, in her first congressional testimony late Tuesday. Brokers said the investors picked fundamentally strong stocks before the release of consumer-price inflation and industrial production data later today. Some midcap and smallcaps faced volatility linked to railway budget, said traders.

  • The Rupee rose to 62.04 versus its close of 62.22 on Tuesday on bunched-up dollar inflows. Gains in global risk assets hurt the dollar. State-run banks were on a two-day strike starting Monday, leading to more dollar flows hitting the market on Wednesday.

  • On the global front, stocks in Asia ended a fourth consecutive session with gains on upbeat trade data from China and an optimistic economic outlook from Federal Reserve Chair Janet Yellen. Japan's Nikkei share average climbed to a 1-1/2 week high on Wednesday.

  • If you look at all the global markets, we are just following the trend where they have been negative a couple of weeks back and we have followed them and again it is the same thing, says Rahul Shah of Motilal Oswal Financial Services Ltd, in an interview with ET Now. It is difficult to say that the bulls are back or not, but if the Nifty closes above 6110, which is a precise level, that would give a good indication for it going to the 6200 levels from here, he adds.

  • The message is that the market is finding it extremely difficult to move up and the only reason for that is whatever the good news come in, the institutions are not coming in heavily particularly foreign institutions or FIIs, says Ashwani Gujral.

  • In developments after market hours today, Retail inflation fell for the second consecutive month and eased to 24-month low of 8.79 per cent in January mainly due to a drop in food prices. Inflation as measured by the Consumer Price Index (CPI) for December was 9.87 per cent down from 11.16 per cent in the previous month. It is the lowest rate of inflation since 7.65 per cent in January 2012. Data on inflation based on the wholesale price index is scheduled for release on Friday.

  • Showing no signs of recovery, industrial production growth rate remained negative for the third month in a row, contracting 0.6 per cent in December 2013, as per the government data released today. The decline in factory output, as measured in terms of the Index of Industrial Production (IIP), which began in October with IIP contracting by 1.6 per cent, continued in December, mainly due to sluggishness in manufacturing sector. Contraction in IIP during November 2013 was 1.3 per cent dip.

NIFTY 3-Month

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