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Market Report

Wednesday, 17-Sept-2014

NSE

  • The 30-share BSE barometer closed at 26,631.29 points, up by 138.78 points, or +0.52 per cent over last close after rising to 26,682.64 intra-day. In the previous two sessions, the index lost 568.53 points as foreign funds and retail investors pulled off cash off the table on fears the Fed will bring forward its timetable for hiking rates as the economy picks up speed.

  • The 50-share NSE Nifty also rose by 42.60 points, or +0.54 per cent to 7,975.50, ending two straights days of decline on the back of gains in IT, power and auto scrips amid positive global sentiments after China announced fresh monetary stimulus and hopes that US Fed, which ends its two-day policy meet later today, may continue with its low interest rate regime for a considerable time.

  • Although the benchmark indices ended the day in green, the mood seems to have changed on Dalal Street. The Nifty, after hitting a fresh all-time high on four occasions in September, has turned tepid. Even as market experts remain bullish on the India growth story, there is uneasiness among investors. Inflows from foreign institutional investors have slowed down and domestic participation is not catching up.

  • Asian shares were tentatively higher today after Wall Street rebounded on speculation the Federal Reserve would maintain a pledge on low rates when a two-day policy meeting ends later in the session. European stocks are also trading higher on speculation China will give its banks some fresh loans.

  • Expect CNX IT index to head towards 11400-11500 levels, says Mitesh Thacker. Yes, that is a sector which will possibly give some stability to the markets while I still believe that cyclicals and the other beta names should possibly go through some more correction, he adds. Ashwani Gujral is also Bullish on IT sector.

NIFTY 3-Month

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