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Market Report

Wednesday, 07-May-2014


  • Sensex, the 30-share BSE barometer, started on a negative note and fell further to touch the day's low of 22,286.26. It closed down by 184.52 points, or -0.82 per cent at 22,323.90 today, the lowest level since April 16 this year. The gauge had gained 104.53 points in the previous two sessions. The broader Nifty of the National Stock Exchange dipped below the crucial 6,700 level and closed at 6,652.55 today, down by 62.75 points, or -0.93 per cent.

  • Our markets tanked heavily to close at nearly three-week low today as technology, banking and auto stocks fell on fresh round of selling amid slowing down of foreign capital inflows and restricted retail participation. IT sticks witnessed heavy sell-off after the Rupee rose to a one-month high and reports that UBS downgraded Infosys.

  • Brokers said sentiment turned weak as selling pressure gathered momentum ahead of outcome of General elections. A weakening trend in the global markets on escalating tensions in Ukraine added to downward pressure, they said. Russia rejected a peace proposal as the heightened possibility of Ukraine slipping into civil war depressed risk appetite. Meanwhile, shares in Asia stumbled to a one-month low and the safe-haven yen hovered just below a multi-month high against the dollar today.

  • Expect 5-15% correction in market if polls disappoint, says Manish Gunwani of ICICI Pru AMC. Because the domestic cyclical sectors have done really well over last two or three months, the downside is immaterial at this point of time. If we get a verdict in the election which is not what the market likes, I think you could get a downside anywhere between 5% and 15% basically because it all depends where the final tally comes in, he adds.

  • Market will go up further if NDA gets 270 seats, says UR Bhat of Dalton Capital Advisors. From the recent peak the Nifty has corrected about 2-2.5% from about 6870. People are booking profits because from around February the market has run up by about 12%. So people are booking profits waiting for the big event and probably they will take cues after the exit poll results by Monday, he adds.

NIFTY 3-Month

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