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Market Report

Monday, 15-Sept-2014

NSE

  • The Sensex today finally settled down by 244.48 points, or -0.90 per cent, at 26,816.56, its weakest closing since August 28. The 244.48-point loss is Sensex's worst drop since August 8. The 50-issue NSE Nifty slipped below the 8,100-level by falling 63.50 points, or -0.78 per cent, to 8,042.00 today. The 63.50-point fall was its sharpest daily loss since August 8.

  • The Sensex today opened in negative terrain and quickly dipped below 27,000-mark reacting to Friday's data that showed IIP growth slowed to four-month low in July. Around noon, data showed wholesale inflation fell sharply to 3.74 per cent in August to a nearly five-year low. However, investors appeared to ignore the WPI inflation figures.

  • Even as the benchmark indices slipped by nearly a percent each, there was no sign of weakness in the broader markets. The smallcap index rallied by +0.6% and the midcap index was up +0.1%, continuing its outperformance.

  • Benchmark share indices ended lower today after sluggish July domestic industrial growth and weaker-than-expected economic data from China raised concerns over slowdown among the world's largest economies, even as August domestic inflation eased to nearly 5-year low. Further, investors also turned cautious ahead of the US Federal Reserve's two-day policy meet which begins on Tuesday.

  • The Indian Rupee fell to as much as 61.11, the lowest since Aug. 14 in intra-day trades today. The fall was in keeping with weaker emerging Asian currencies. However, at 1530 hrs, the Rupee had gained a little and was quoting at 61.05 to a Dollar.

  • Nifty unlikely to hold 8000 levels; might find support in 7800-7950 zone, says Ashwani Gujral. Today the Nifty closed exactly on the 20-day moving average and we have weakened towards the close. So that means that we are leaving ourselves open to another 200 point correction on the Nifty which is the 50 day moving average around 7840-7850. Also, the previous intermediate top on the Nifty; so chances are that market is getting corrective, he adds.

  • Markets likely to correct further taking cue from global events, says Sudip Bandyopadhyay. There is a US Fed meeting tomorrow evening. There is this major decision in Europe, on 18th the Scotland vote happens. So the foreign investors will be on their tenterhooks and you cannot expect lot of FII inflow into the market during this week. Markets will correct during this entire week. Clearly, people are taking money out of the table. They are booking profits. So that trend is going to continue for the next two-three days, he asserts.

NIFTY 3-Month

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