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Market Report

Friday, 13-June-2014

NSE

  • The Sensex today closed at 25,228.17 down 348.14 points, or -1.36 per cent. The Nifty today closed at 7,542.10 down 107.80 points, or -1.41 per cent. For the week, the benchmark Sensex-30 slipped -0.66% and the Nifty closed below the 7,550 down -0.54%.

  • The bull run on D-Street hit a road block this week with the Nifty posting its biggest single day fall in nearly four and a half months. The S&P BSE Sensex plunged as much as 405 points in trade on Friday, while Nifty slipped below its crucial psychological level of 7550 as institutional investors booked profits following concerns of oil supply disruption due to violence in Iraq.

  • The risk aversion was triggered as crude oil scaled to nine month high threatening to derail the improvement in subsidy bill and trade deficit. Oil prices have moved higher on international bourses after a jump of 2 per cent in previous session as militants took control of Mosul in Iraq. Around 85 per cent of India's crude requirement is imported and any spike in international prices is likely to have economic implications. The weak opening of European markets is also weighed sentiment.

  • Also, monsoon rains were 48% below average levels in the week to June 11, data from the weather office showed, reflecting the late onset of the annual rains over the Kerala coast.

  • The rupee closed at 59.76 against the dollar compared with 59.25 on Thursday. Analysts said the tension in Iraq has given traders a reason to book some profits after recent gains in the markets.

  • Some correction in markets is healthy post the sharp run-up in recent weeks, says Prabodh Agrawal of IIFL Institutional Equities. It is up 20% YTD and, therefore, some consolidation is necessary and healthy. Having said that, we are still very bullish on the prospects for the next one to three years, he adds.

NIFTY 3-Month

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