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Market Report

Thursday, 16-Oct-2014

NSE

  • Sensex, the 30-share index finally closed at 25999.34 today, down 349.99 points or -1.33 per cent. It touched a high of 26,462.08 and a low of 25933.98 in trade today. The Nifty ended at 7,748.20 today, down 115.80 points or -1.47 per cent. It touched a high of 7,893.90 and a low of 7,729.65 in trade today.

  • The Indian markets have finally given in to the recent ongoing sell-off in global markets. Weakness in global markets pushed the 50-share Nifty index below its crucial psychological support level of 7800 and Sensex below 26000 on Thursday, led by a sell-off in European markets. The Nifty, after showing resilience till afternoon, plunged over 100 points in the last half-an-hour of trade.

  • According to analysts, the nervousness in global markets will continue in the near term and investors should brace for a further decline the next few sessions. As long as Nifty trades below 7800, traders should brace for further cuts in the markets which could push the Nifty towards 7600 levels.

  • Earlier in the day, the markets had opened lower but rebounded later defying weak Asian markets as exit polls suggested that the ruling Bharatiya Janata Party is set to emerge as the largest party in Maharashtra, thanks to intense campaigning by Prime Minister Narendra Modi. However, the market turned choppy later and witnessed a sell-off in late trades.

  • Globally, Asian shares were off session lows but still nursed losses amid a sell-off in global equities today, on heightened concerns about world economic growth. European and US markets are still under pressure as of this writing. Meanwhile, foreign funds were net sellers in equities to the tune of Rs 1128.37 crore today. They have been net sellers every day this month. This is now a real source of worry. See our 'Market Statistics' page.

  • Markets will get into rallying mood on Monday itself, says Sudip Bandyopadhyay of Destimoney Securities. Some amount of nervousness or pressure will creep in the markets tomorrow as global news flow has not been supporting. Let us not ignore the fact that the election results for the two major states in India will come out on Sunday. Any result which is deemed as positive by the market will cheer everybody. It is going to be a Happy Diwali.

  • After market hours: TCS, India's top IT exporter, today reported a net profit of Rs 5,244 crore for the quarter ended September 30. This came slightly below Street estimates and may trigger some bit of profit-taking in trade on Friday. According to analysts, TCS reported an ordinary set of numbers for the quarter ended September 30 which might not excite the Street that much. Hence, some bit of profit-booking cannot be ruled out considering the stock was already riding on high expectations.

NIFTY 3-Month

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