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Market Report

Thursday, 13-Mar-2014


  • Sensex, the 30-share index had rose to a day's high of 21,991.36 points on fall in consumer inflation and positive industrial growth in the previous quarter. However, a late selling mainly in IT stocks led by index major Infosys pushed back the barometer to end lower by 81.61 points, or -0.37 per cent, at 21,774.61 points.

  • The broad-based National Stock Exchange index Nifty went down by 23.80 points, -0.37 per cent to 6,493.10 today after touching the day's high of 6,561.45 in intraday due to late selling in IT stocks led by Infosys on reports of sluggish growth.

  • According to traders, heavyweight banking and oil & gas stocks that balanced the losses in IT stocks in early trades, saw profit booking in the last hour while selling in IT stocks intensified. A weak trend in Asian markets after China's industrial growth and retail sales missed estimates further fuelled the selling pressure, brokers said.

  • Globally, Asian markets were mixed as of the most recent closing prices. China witnessed a marked slow-down in the economy in the first two months of 2014, as factory output, growth in investments and retail sales fall to multi-year lows.

  • Nifty getting a very strong resistance at 6550 level, says Sandeep Wagle. We have closed a little below 6500 and that is not that disturbing, but what is disturbing is that we have not been able to clear the highs which were made in the last three days. So very clearly, we are getting a very strong resistance at 6550 and that could cause the prices to go down may be by another 50-70 points. So probably 6400-6420 may be tested. We may go down to 6400-6350 and spend some time in the 6400-6500 band, which could be a little unnerving for the bulls, he adds.

  • Banking, energy and FMCG stocks may push Nifty towards 6650-6700, says Mitesh Thacker. The last three days of consolidation after the 350 point kind of rally has been in this range of about 70 points. The next signal should come once the market starts getting beyond 6560. I am taking a slightly positive bias because of the fact that the Bank Nifty the energy stocks as well as some of the FMCG stocks are showing positive signals. So there is a good chance that we might get past 6560 and head towards 6650-6700, he adds.

NIFTY 3-Month

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