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Market Report

Tuesday, 16-Sept-2014

NSE

  • The 30-share Sensex after resuming higher at 26,854.90, improved to 26,861.29. However, it succumbed to widespread selling in blue-chips and slipped to day's low of 26,464.03, before ending at 26,492.51 today -- down 324.05 points, or -1.21 per cent. This is its worst drop since August 1 when Sensex had plummeted 414.13 points. Today's closing is also its weakest since August 26 (26,442.81).

  • The 50-share Nifty dropped 109.10 points, or -1.36 per cent, to close below 8,000 mark at 7,932.90 after moving between 8,044.90 and 7,925.15 intra-day. Today's drop is also Nifty's worst show since August 1, when it fell 118.70 points, on negative cues from jittery global markets before the US Federal Reserve's much-awaited monetary policy meeting that starts later today.

  • An earlier-than-anticipated rate hike by Fed could lead to outflows, hurting emerging markets as the incentive for investors to seek higher yields stands reduced. Major markets in Asia ended down with Japanese shares ending their five-day winning streak and Europe was weak in morning trades ahead of the US Fed meet and political cues from Scotland. Market players will be looking for clues on the timing of the first US rate hike in more than eight years. Consensus is that the Fed will hike interest rates next year and it may declare the timelines today, said HDFC Securities in a note.

  • Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 74.59 crore yesterday and sold another net Rs 828.95 crore today, as per provisional data issued by stock exchanges. Domestic investors also took money off the table yesterday in recent out-performers. The Rupee was trading higher at 61.07 against the US dollar compared to Monday's close of 61.13 tracking Asian currencies which are trading mostly stronger versus the dollar.

  • Analysts are not debating on the fact that Indian markets are in a multi-year bull market, but considering the fact we are trading near the higher end of the range, some bit of consolidations cannot be ruled out. Selection of right kind of stocks can actually make base for higher returns in the foreseeable future, say analysts.

NIFTY 3-Month

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