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Market Report

Wednesday, 13-Aug-2014

NSE

  • Sensex, the 30-share index closed at 25,918.95, up 38.18 points or +0.15 per cent. It touched intraday high of 25,972.62 and a low of 25,791.79 in trade today. The Nifty ended at 7,739.55, up 12.50 points or +0.16 per cent. It touched intraday high of 7,757.10 and a low of 7,695.70 in trade today.

  • Tracking the momentum, the 50-share index Nifty managed to above its crucial psychological level of 7700, after witnessing a flip-flop trade session as investors turned cautious on lower industrial growth and rising CPI in July.

  • As announced earlier, CPI inflation in July has gone up to 9.36 per cent as compared to 8.05 per cent in June. The vegetable prices soared to 16.88 per cent as compared to 8.73 per cent in June. In a double blow, India's IIP in June slipped to 3.4 per cent vs 4.7 per cent in May.

  • Globally, Asian shares ended with modest gains on Wednesday, as investors remained cautious after downbeat data from China and Japan and as the crisis in Ukraine threatened a fragile economic recovery in Europe. However, European stocks gained ground in early trade on Wednesday, helped by forecast-beating company results.

  • Market breadth is very negative now, says Sandeep Wagle. Today we are seeing some kind of a sell-off, and the breadth is very negative. It suggests that we may not hold at higher levels. But I would still want to talk of the level of 7650-7850. I do not see a one way crash to 7400-7300. Till 7650 holds, I would want to play bullish and be more stock-specific, he adds.

  • Investors need to be stock-specific in current market, says Nilesh Shah of Axis Capital. We are entering into a stage of consolidation. The supply pressure is visible and you have fairly large divestment mandate going on. Domestic retail investor participation is on its way up and certainly that is adding second wheel to the market apart from the FII vehicle, he adds.

NIFTY 3-Month

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