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Market Report

Thursday, 13-Nov-2014


  • The 50-share index ended at 8,357.85, down 25.45 points or -0.30 per cent. It hit a high of 8,408 and an intraday low of 8,320.35 in trade today. The S&P BSE Sensex closed at 27,940.64, down 68.26 points or -0.24 per cent. It touched a high of 28,098.74 and an intraday low of 27,822.70 in trade today.

  • The Nifty ended in the negative territory as bulls ran out of steam after three days of gains. Oil & gas, metals and banks led the rally while technology and metals moved higher. Shares of oil marketing companies were under pressure late in the day, following reports that the government has hiked in excise duty on diesel and petrol.

  • Government has raised excise duty on petrol and diesel hiked by Rs 1.50 per litre. IOC has clarified the excise duty hike will not be passed on to consumers and will be adjusted against reduction in rates that was likely by this weekend. The govt expects to raise around Rs 6000 crore from this hike and the money will partly cover a shortfall in revenue collection so far this fiscal year, a finance ministry source said today.

  • The Rupee continued its see-saw trend and weakened marginally today as losses in domestic shares weighed despite the sharply lower-than-expected retail inflation print for October. Dealers said state-run banks were spotted buying the greenback on a sustained basis in both the spot and forward markets. Some suspected this buying could have been on behalf of the Reserve Bank of India, which is likely to wary of excessive appreciation of the rupee in an attempt to maintain export competitiveness.

  • In a related development, India's benchmark 10-year bond posted its biggest single-day fall in three months on heavy profit-taking today. Bonds have been rallying on hopes that the falling trend in inflation would allow the RBI to cut rates as early as in its December 2 policy review. But today it seems that rate cuts are not coming anytime soon. Two deputy governors and one executive director at the Reserve Bank of India have said recently they would prefer to see some stability in the inflation data, before they consider a cut in interest rates.

  • This is not the right time for profit booking, says Deepak Shenoy of Capital Mind. Yes, it is time for caution at 8400 level but it is not time for action in terms of profit booking. We would usually book profits when markets reverse rather than when markets go up because that is kind of accepting the fact that we do not know where the market is going to go, he adds.

  • See no reason to panic about latest correction in markets, says Manish Hathiramani of Deen Dayal Investment. Everyone has got a little nervous with today's correction. I, however, do not think there is much to panic unless we do not really break 8200 on the Nifty spot basis. If we hold on to that, we are definitely headed to 8450 in times to come. However, it is not going to be an easy ride. We might have bumps here and there, he warns.

NIFTY 3-Month

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