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Market Report

Tuesday, 15-Apr-2014

NSE

  • Sensex, the 30-share barometer, fell by 144.03 points, or -0.64 per cent to close at 22,484.93 today. It shuttled between a high of 22,737.31 points and 22,416.24 points during the day. The index had lost 86 points in the previous session. The broad-based National Stock Exchange index Nifty lost 43.20 points, or -0.64 per cent to close at 6,733.10 after touching a high of 6,813.40 in intraday.

  • The market started the day on a high note after IT major Infosys posted attractive results for the last quarter of FY14. But later the markets tumbled after reports that inflation has increased to 5.7 per cent in March from 4.68 per cent in February dashing hopes of any rate cut by the Reserve Bank.

  • Brokers said selling pressure centred around financial and interest-sensitive stocks on fears RBI may keep interest rates high due to rise in inflation. They said a weak industrial production data and reports of a lower trend in global markets on slowing China's economic growth further influenced the sentiment.

  • Further, market sentiment were dampened after foreign investors (FIIs) turned net sellers since Friday. As per the provisional data on the stock exchanges, FIIs were net sellers in Indian equities to the tune of Rs 362 crore on Friday and Rs 21 crore today.

  • The S&P BSE Sensex may have slipped over 140 points today but the momentum was seen in the rest of the stocks on the Bombay Stock Exchange that is evident from the fact that as much as 197 stocks rose to their fresh 52-week high. However, part of the pre-election rally is largely over and the index may remain rangebound till May 16th till the time some news trickles in as to who is forming the government, say analysts.

  • Time to sit back and wait for poll outcome before deploying further capital in market, says Sandeep J Shah of Motilal Oswal Private Wealth. These are obviously short-term gyrations which will keep happening, but we have also seen some slightly disappointing inflation numbers, he adds.

  • In a forecast for the June-September rainy season released after market hours today, private forecaster Skymet said there was a 40% chance that rainfall would be less than average and a 25% chance that there would be a drought in India this year. India should prepare for below-normal rainfall in the crucial monsoon season this year, particularly in the agriculturally significant north-western and western central regions, Skymet has said. Skymet's forecast is in line with predictions of international agencies that expect the El Nino weather-altering phenomenon to disrupt rains this summer.

NIFTY 3-Month

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