IntradayTrade dot Net dot IN
Market Report

Wednesday, 24-Sept-2014

NSE

  • The 30-share ended at 26,744.69 today, down 31.00 points or -0.12 per cent. It touched a high of 26,844.70 and a low of 26,560 in trade today. The Nifty closed at 8,002.40 today, down 15.15 points or -0.19 per cent. It touched a high of 8,042.05 and a low of 7,950.05 in trade today.

  • Our market ended in the negative terrain for second straight session today in the absence of supportive cues from European peers, amid a choppy trading session, as investors turned cautious ahead of the expiry of September derivative contracts while the shares of metal companies came under selling pressure after the Supreme Court cancelled 214 (out of 218) coal blocks allocated to companies since 1993.

  • The Supreme Court has cancelled all coal blocks except government run non-JV allotments. Exempted coal blocks included allocations to NTPC, SAIL and Sasan UMPP. Almost all banks, including SBI and private sector ICICI Bank, have lent to power plants that were put up based on coal from 214 coal blocks alloted since 1993. They will be in deep trouble recovering these loans, say experts.

  • In a development post market hours today, the government has postponed the decision on revision of natural gas prices. The Cabinet headed by PM Narendra Modi deferred a decision on the issue till November 15, Law and Telecom Minister Ravi Shankar Prasad told reporters.

  • Meanwhile, foreign investors continue to remain net sellers worth Rs 793.65 crore today. They have been net sellers in 6 of the last 7 sessions in our stock markets. See our 'Market Statistics' page for details.

  • Markets likely to see some corrections over next few days, says Mitesh Thacker. The drift on the chart set-up does point towards very high probability of the index going on the downside. So, I would look at the levels of 7930 - which were recent lows - to be retested, possibly breached. I would look even at 7800-7820, which were the earlier breakout levels, he adds.

NIFTY 3-Month

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