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Market Report

Wednesday, 16-Apr-2014

NSE

  • The Sensex ended today in the red. The 30-stock benchmark index shut shop at 22,277.23; down 207.70 points, or -0.92%. The broader 50-share Nifty ended the day at 6,675.30; down 57.80 points, or -0.86%.

  • The benchmark Sensex, after hitting its all-time high of 22,792 on April 10, is finding it difficult to move higher. Analysts say after the sharp surge the market is expected to remain choppy with negative bias due to overbought positions; and other fundamental factors are also likely playing spoilsport.

  • The markets lost their way in the post-noon session due to caution surrounding FII outflows and higher-than-expected inflation data released on Tuesday. Muted Q4 growth expectations from TCS, which will announce its earnings later in the evening, further dampened sentiments. However, TCS announced at-par Q4 results after market hours today.

  • On the global front, European stocks firmed up on Wednesday after better-than-expected growth data from China. Key benchmark indices in Japan, Singapore, Indonesia, Hong Kong and Taiwan were also up.

  • Levels of 6,800-6,820 on the weekly charts are important technical area and we have had some loss of momentum on the intraday charts on Friday. The daily charts and overbought position could set tone for another consolidation, said Mitesh Thacker.

  • Even as the market is taking a breather after the recent rally, from a technical perspective, the recent breakout in Indian markets to new highs is a signal that the long-term uptrend off 2003 lows is resuming. This implies an upside target for the BSE Sensex of 39,707 (up 75 per cent) over 12-24 months, CLSA says in a report.

NIFTY 3-Month

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