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Market Report

Wednesday, 01-Oct-2014

NSE

  • The 30-share Sensex after moving in a tight range for the major part of the session ended 62.52 points, or -0.23 per cent, lower at 26,567.99 today. The 50-share NSE Nifty moved down by 19.25 points, or -0.24 per cent, to finish at 7,945.55 today.

  • Our markets today closed lower due to profit-booking ahead of long week-end amid reports that India's manufacturing sector in September expanded at the slowest pace in nine months.

  • According to an HSBC survey, the headline HSBC India Purchasing Managers' Index (PMI) -- a composite gauge designed to give a single-figure snapshot of manufacturing business conditions -- dropped from 52.4 in August to 51.0 in September, the slowest pace of growth since December, 2013.

  • Brokers said in view of long holidays ahead investors were seen refraining from enlarging their positions, they even reduced positions. Meanwhile, the provisional data released by the stock exchanges showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 485.93 crore yesterday.

  • See Nifty in the range of 7850-8050 next week, says Sandeep Wagle. Certainly the Nifty is a shade weak, but it may not crack down from here. The Nifty will move in the range of 150-200 points next week. I do not see 7850 being broken on the downside. I do not see 8050 being broken on the upside, and Bank Nifty will follow suit, he says.

  • Globally, Stocks worldwide began the fourth quarter on a negative note, with investors wary of lackluster economic data and keeping a cautious eye on civil unrest in Hong Kong. Manufacturing stumbled across most of Asia in September. The closely watched Chinese PMI stayed stuck at 51.1, only modestly above the 50 level that separates growth from contraction.

  • Stock markets will now reopen for trading on Tuesday after a long week-end.

NIFTY 3-Month

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