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Market Report

Thursday, 11-Sept-2014


  • The 30-share BSE Sensex rose to day's high of 27,150.78 in early trade but emergence of profit-booking brought it down. It finally settled below the 27,000-mark as it closed with a loss of 61.54 points, or -0.23 per cent, at 26,995.87 today -- its lowest close since 26,867.55 on September 1. In 3 straight sessions, it has lost almost 324 points.

  • The 50-share Nifty extended losses for the third straight day and ended at 8,085.70, down 8.40 points or -0.10 per cent -- its weakest level in nearly two weeks -- on sharp losses in bluechips including Sun Pharma, amid negative Asian cues on continued US Fed rate hike worries. In intra-day deals it touched the high of 8,128 and a low of 8,057 today.

  • Brokers said sentiment was weak on reports of foreign institutional investors and domestic institutional investors turning sellers, after remaining major buyers for past several sessions, that had helped indices scale new highs. Besides, profit-booking in recent out-performers and caution ahead of IIP and inflation data scheduled for Friday release, also affected sentiments, they said.

  • The Rupee, however, appeared to be rebounding from one-month lows of 60.95 against US dollar and was last trading at 60.77 levels on good selling of the greenback. A mixed trend in other Asian markets and lower opening in Europe did not help domestic markets' cause either.

  • This consolidation phase, that we are seeing right now, is likely to continue for some more time, said Manishi Raychaudhuri of BNP Paribas. Indian stocks have outperformed this year for a good reason. If you look at the entire emerging market universe, India is possibly the best story fundamentally, he added. Considering the fact that the markets are trading near their higher end of the range, a mild correction or consolidation cannot be ruled out. However, the bull-run still remains intact, say analysts.

  • It is difficult to quantify correction, but we were not looking for any meaningful correction as such and consolidation means extending global macro shock around current levels, said Gautam Chhaocharia, Head of India Research, UBS. There would not be any meaningful downside, but purely from that construct of index target of 8000 for the year end, it does look poised for consolidation around current levels, he added.

NIFTY 3-Month

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