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Market Report

Wednesday, 11-June-2014

NSE

  • Sensex, the BSE 30-share barometer, began higher and climbed to hit yet another record high of 25,735.87, but fell back due to profit-booking. It remained in the negative zone for the rest of the session to touch a low of 25,365.65. Sensex ended at 25,473.89 today, a fall of 109.80 points or -0.43 per cent. The gauge had closed at an all-time peak of 25,583.69 after soaring to 25,711.11 in yesterday's trade. In four days, it had gained 777.86 points before today's drop.

  • The 50-scrip NSE Nifty after breaching the 7,700 level for the first time, succumbed to profit-booking. It closed 29.55 points, or -0.39 per cent, down at 7,626.85 today. It had touched a low of 7,589.05 during the session. Snapping four days of gains, the Nifty ended in the red on profit-taking in power, metal and consumer durable stocks. Points to Note: FIIs have turned sellers today, and there was good selling in the Retail segment. See our 'Market Statistics' page.

  • Brokers said offloading of positions occured ahead of the release of Consumer Price Index inflation data for May and Index of Industrial Production data for April due Thursday. Wholesale Price Index inflation data for May would be released on June 16. Trading was volatile and a widening of the country's trade deficit in May amid mixed global cues also contributed to the cautiousness in domestic markets, even as exports grew +12.4 per cent, say dealers.

  • The Indian rupee firmed up against the US dollar was trading higher at 59.24 compared to its close of 59.29 on Tuesday. Globally, Asian markets ended mixed with Japanese shares ending firm, Shanghai Composite ended up 0.1% while Straits Times and Hang Seng ended down 0.1-0.2% each. European shares were trading lower as investors turned cautious after the World Bank lowered its global economic growth forecast.

  • Expect stock-specific sectoral shifts to continue for some time, says Ashu Madan of Religare Securities. The market has crossed the hurdle of 7400-7500, which were difficult to cross. So the only thing which can bring correction to the market is probably if we get complacent or a situation when we start to get easy money. Otherwise, I think the market will continue to outperform and we will see this kind of stock-specific or probably index action continuing on the upside, he adds.

  • Reduce long exposure, tighten stop losses at 7580, says Mitesh Thacker. Maybe we might not have the strength to immediately go up and we might need some more consolidation, maybe a part correction also could be happening over there. If we were to look at level which could be an important support area, 7580 Ashwani has been talking about it; that is the first level to watch out for. If we start breaking below that, then we are going for some kind of consolidation which might last for next few days to come during which you will get buying opportunities at lower levels, he adds.

NIFTY 3-Month

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