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Market Report

Friday, 11-Apr-2014

NSE

  • The 30-share index ended at 22,628.96 today; down 86.37 points, or -0.32%. The Nifty closed at 6776.30 today; down 20.10 points, or -0.30%. The S&P BSE Sensex bounced back over 100 points from intraday lows, but closed in the negative terrain on the back of weak cues from global peers and our IIP data after market hours today.

  • IT stocks witnessed a sharp pull-back ahead of the Infosys Q4 results on Tuesday. IT majors such as Infosys and TCS have already announced that the Jan-March quarter will be a tough one, but expect FY15 to be a good one.

  • FIIs that had continued to invest in Indian equities for the past few weeks, have today become net sellers to the tune of -Rs 362 crore as per the provisional data released by the stock exchanges. This is the first time that the net has turned negative since 14-Feb-2014. See our 'Market Statistics' page.

  • Volatility in the markets increased after elections kicked off. India VIX ended at 29.18 rising 22% this week. The volatility index had closed at 22.69 last Friday.

  • The rupee was trading lower at 60.27 compared with its close of 60.07, tracking losses in most other Asian currencies. Traders are awaiting February IIP data due later in the day and consumer price inflation data next week.

  • Meanwhile, the expected recovery in the global economy is also not giving a boost to India's exports, which fell 3.14% in March. Trade deficit hit a five-month high during March to $10.51 billion as merchandise exports declined and oil imports rose, data from the Ministry of Commerce and Industry showed today.

  • Globally, Asian markets ended lower with Japan's Nikkei slumping to its lowest level in six months tracking losses on Wall Street and a firmer yen. European shares were also trading lower tracking a sell-off in global technology shares.

  • Singaporean brokerage DBS today said inflation in India may jump to over 8.5 per cent and GDP growth may slip to 5 per cent in the current fiscal if the much-feared El Nino threat actually happens this year. The El Nino entails unusually warm temperatures which disrupt rainfalls, meaning, weak or less-than-normal Southwest monsoons.

  • After market hours: Shocking most analysts and economists, the Index of Industrial Production (IIP) for the month of February contracted at -1.9% versus a growth of +0.8% in January. This is much below a market expection of a +1.4% growth. The capital goods sector output contracted sharply at -17.4% versus -4.2% in January.

NIFTY 3-Month

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