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Market Report

Tuesday, 14-Oct-2014

NSE

  • The BSE Sensex resumed higher at 26,537.42 and moved up further to 26,550.79 on initial buying mainly in healthcare, consumer durables, banking and refinery counters. However, it declined afterwards to 26,212.01 before ending at 26,349.33, showing a loss of 34.74 points or -0.13 per cent. The fall came on selling in realty, IT, consumer durable shares amid investors adopting caution ahead of key state elections.

  • Tracking the momentum, the 50-share Nifty index also managed to recover from lows and was trading above its crucial psychological support level of 7850, to finally close down by 20.25 points, or -0.26 per cent, to end at 7,864.00 today. Fall in retail inflation and wholesale price rise, which hit a five-year low in September, as well as better than expected earnings from RIL initially boosted markets.

  • Shares of realty giant DLF today fell sharply by over -28 per cent, wiping out Rs 7,439 crore from its market valuation, after Sebi imposed a three-year ban on the company and six top executives, including Chairman K P Singh, from the securities markets.

  • Retail inflation dropped to 6.46 per cent in September on falling prices of fruits and vegetables, the lowest since India started computing Consumer Price Index (CPI) in January 2012. The September wholesale price inflation also fell to five year low of 2.38 per cent. With better than expected figures on retail inflation too, analysts expect RBI to be able to meet its 2016 target of 6% of retail inflation by mid-2015 itself and adopt a dovish stance on policy rates soon.

  • On the back of low retail inflation the rupee had hit a high of 60.90 in early trades against US Dollar, its highest since September 23, 2014. However, it later reversed direction and was last trading at 61.38 against US Dollar.

  • The provisional data released by the stock exchanges, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 671.06 crore yesterday, and were net sellers for Rs 694.67 crore today. FPIs have been net sellers for 15 of the last 16 sessions in our markets. This is now a big point of worry.

  • Both the stock exchanges, BSE and NSE will remain closed tomorrow on the account of voting for assembly polls in Maharashtra.

NIFTY 3-Month

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