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Market Report

Friday, 11-July-2014

NSE

  • The BSE Sensex dipped below the 25,000 mark today to touch day's low of 24,978.33 on across-the-board profit booking by participants. The barometer closed with a hefty fall of 348.40 points, or -1.37 per cent, at 25,024.35. The gauge has now shed 1,075.73 points in four straight sessions. For the week, Sensex has fallen by about -3.61 per cent or 937.71 points - its sharpest weekly loss since December 2011.

  • The 50-share Nifty of the National Stock Exchange slipped below the crucial 7,500 mark by losing 108.15 points, or -1.43 per cent, to settle at 7,459.60 today. During the session, Nifty shuttled between 7,625.85 and 7,447.20. For the week, Nifty lost about -3.8 per cent -- its biggest weekly loss in nearly 16 months.

  • Our markets today posted its worst weekly loss in over two and a half years, on disappointment over the Union Budget and fresh debt concerns in Portugal. Stock markets had opened on a strong note in early trade on better-than-expected results from IT major Infosys. However, lingering concerns over Eurozone debt resurfaced as reports said Portugal's biggest listed bank missed debt payments, triggering a sell-off, brokers said.

  • Two points of note today: The 'Bhoot' of GAAR - General Anti-Avoidance Rules - has returned as the govt today said that it will be applicable from April 1, 2015. And second, Foreign Portfolio Investors (FPIs), as FIIs are now known as, have turned net sellers today for the first time this month. See our 'Market Statistics' file.

  • The selling momentum on Dalal Street is just refusing to get over. Benchmark 30-stock Sensex has lost over 4 per cent since the pre-Budget rally ended four days back. Analysts are of the view that the selling pressure is likely to continue in the days to come and that the Nifty may scale back to 7,200 levels. The Budget failed to meet market expectations, they said, and attributed the 800-point swing of the Sensex yesterday on this.

  • According to analysts, the ongoing correction has reversed the trend from up to down. We have been trading for last couple of weeks in the range of 7500 to 7800. Today that range is finally giving way, said Ashwani Gujral. In case it does get sustained and we do fall further, this will be a fairly serious correction. The pre-budget rally that was there is now cooling off. A lot of stocks which ran up on basically nothing are going to come down. So we are coming out of a sideways pattern and chances are that we could see probably 7100-7200 before it is over, Gujral added.

  • After market hours today: Showing signs of recovery, industrial production grew at 19-month high of 4.7 per cent in May, up from 3.4 per cent in April, due to improved performance of manufacturing, mining and power sectors and higher output of capital goods. The output, as measured by the Index of Industrial Production (IIP), had contracted by 2.5 per cent in the same month of last year. The IIP's previous high was recorded in October 2012 at 8.4 per cent.

NIFTY 3-Month

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