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Market Report

Tuesday, 23-Sept-2014


  • The Indian markets took a severe beating in today's trade; with the benchmark Sensex slipping over 450 points in intraday trade. The Sensex ended the day at 26,775.69, a steep fall of 431.05 points or -1.58 per cent. It touched a high of 27256.87 and a low of 26744.07 in early trade. Among the 30-Sensex scrips, 26 ended the day in red led by Cipla, Tata Motors, Hindalco and Tata Steel.

  • The 50-share Nifty index ended at 8017.55, down 128.75 point or -1.58 per cent. It touched a high of 8159.75 and a low of 8008.10 in early trade. Tracking the momentum, the 50-share Nifty index slipped below its crucial psychological level of 8050 and is now trading near key support levels of 8000.

  • Markets fell sharply on the back of profit booking and negative global cues. The selling pressure gained momentum after data released on Eurozone economic activity indicated continuing weakness in the region. Considering the fact that we are in the F&O expiry week, some bit of consolidation or corrections was expected, which may extend up to 5 per cent in the short term, say analysts.

  • Investor wealth today fell sharply by Rs 1.65 lakh crore in-tandem with an overall weak stock market where the benchmark Sensex lost a whopping 431.05 points. With the Sensex witnessing its worst fall in two-and- a-half months, the total market capitalisation of BSE listed firms declined by Rs 1.65 lakh crore to Rs 94.43 lakh crore.

  • Selling by foreign funds also weighed on market sentiment. Foreign funds were net sellers in equities worth Rs 186 crore on Monday, and were also net sellers for a massive Rs. 1185 crore today. See our 'Market Statistics' page.

  • Markets are a little bit nervous ahead of two-three technical factors. One would be in fact expiry and gas price decision on the anvil, said Devang Mehta of Anand Rathi Financial Services. 2-3% correction from hereon would in fact mean a lot of correction for stocks which have run up a lot in the last few days. So for midcaps - if the market correct by say another 3% or 4%, then there are all chances that midcaps should correct by at least 10% to 15% and this would present a good entry point for some stocks which have run very fast, he added.

NIFTY 3-Month

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