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Market Report

Wednesday, 12-Mar-2014

NSE

  • Indian markets were seen ending on flat note today as investors preferred to sit on the sidelines ahead of IIP data and CPI inflation figure, which are due post market hours today. Sensex, the 30-share index, which had lost 108.41 points in the previous session, rose by 29.80 points, or +0.14 per cent, to close at 21,856.22 points. It touched a day's low of 21,768.14 and a high of 21,965.95 points in a volatile trade.

  • The broad-based National Stock Exchange index Nifty edged up by five points, or +0.08 per cent, to 6,516.90 in a volatile trade on selective buying in pharma, FMCG and banking stocks even as global markets remained weak on concerns over China's growth.

  • The under-current of the market remained strong on improving economic growth and discounted a weak global trend on slowing economic growth in China, brokers said. Stocks of pharma and software industries were back in demand and recovered as rupee declined, brokers added. FIIs continue to pump in dollars into the Indian markets.

  • Asian markets ended lower today after drop in prices of industrial metals such as copper and iron in China and weak February exports raised fears that the world's second largest economy is still in the midst of a slowdown.

  • The Indian rupee was trading lower at Rs 61.21 compared to previous close of 60.94 because of demand for the greenback from public sector banks. Traders say state-run banks were spotted buying dollars likely on behalf of the government for defence-related payments.

  • Despite the short-term overbought readings we would respect the Nifty's conclusive breakout above 6,383-6,480 resistance with the daily momentum indicators confirming this move, CLSA, Asia-focussed broker, said in a note. This breakout opens the door for a move up to the 7,036 area, the measured move objective from the November 2013 - March 2014 trading range, added the note.

  • The pre-election rally possibly is going to continue for some more time, but I still believe that most of the things probably are done, though we may still go up to around 6700-6800 levels before the elections, says Dilip Bhat of Prabhudas Lilladher.

  • Post market hours: Showing a ray of hope, IIP industrial output entered positive territory and recorded a 0.1 per cent growth in January after contracting for three months in a row. The marginal improvement in the index of industrial production (IIP) was mainly on account of higher power generation and mining sector output, while manufacturing declined.

NIFTY 3-Month

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