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Market Report

Monday, 13-Oct-2014

NSE

  • Late buying by overseas funds and retail investors at prevailing levels helped the 30-share index rebound and close with a gain of 86.69 points, or +0.33 per cent, at 26,384.07 today. Intra-day, it rose to a high of 26,443.16. The gauge had plunged 340 points on Friday on profit-booking. The broad-based 50-issue Nifty of the NSE also recovered by 24.30 points, or +0.31 per cent, to 7,884.25 today. It shuttled between 7,796.00 and 7,901.15 during the session.

  • Benchmark share indices staged a recovery in late trades, amid firm European cues, helped by a rebound in financials while IT shares gained post upbeat July-September earnings from Infosys. India's industrial production slowed down to a five-month low of 0.4 per cent in August due to contraction in manufacturing output and lower offtake of consumer goods. However, investors ignored the data in afternoon trade.

  • Globally, Asian shares ended mixed with shares in Hong Kong rebounding from their day's lows. Earlier in the day, stocks in Asia dropped to their seven month lows amid growth concerns even as positive data from China failed to boost investor sentiment. European shares pared early losses and were trading firm with CAC-40 and DAX each trading 0.3-0.4% higher while FTSE-100 was trading with marginal gains. Meanwhile, weak economic data from Germany continues to weigh on investor sentiment.

  • The market at current levels is perfect for investors to enter, says Gaurang Shah of Geojit BNP Paribas Financial Services. On a number of occasions, we have gone very close to this 7800 mark and made a pullback. Of course, there may be volatile sessions, but the fact is that today's recovery is more significant because you had negative data from almost all the data points in the global arena. We opened with a very large downside. We saw all sectoral indices, barring IT, contributing to the lower extent. We have not broken 7800 and we have recovered. So, I would say that somewhere around these levels of 7800 is a perfect zone to go and deploy capital, because your downside is very much protected, he says.

  • After market hours today: The Consumer Price Index (CPI) inflation for the month of September declined to 6.46% versus 7.73% in August. The Street predicted that CPI inflation would come in at 7.2%. Urban inflation for the month of September dipped to 6.34% versus 7.04% in August. The RBI has set a target of bringing inflation down to eight per cent by January 2015 and six per cent by January 2016 but Governor Raghuram Rajan has admitted to upside risks on the latter target. It is unlikely to cut interest rates this year.

NIFTY 3-Month

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