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Market Report

Tuesday, 09-Dec-2014

NSE

  • The S&P BSE Sensex finally closed at 27,797.01 today, down 322.39 points or -1.15 per cent. It hit a low of 27,763.82 and a high of 28,157.53 in intraday trade. The 50-share Nifty index ended at 8,340.70, down 97.55 points or -1.16 per cent. It hit a low of 8330.50 and a high of 8444.50 in trade today.

  • Our markets extended losses for the third straight session as investors booked profits across the board. The indexes plunged down sharply in late trade after a sudden sell-off in Chinese markets led to a correction in other Asian markets, including India. The Nifty slipped below its crucial psychological support level 8,350 and was trading at its November 20 lows. The S&P BSE Sensex also slipped below its crucial support level of 28000 in trade today.

  • Shanghai shares (SSE Composite index) posted their biggest one-day percentage fall in five years (since 2009), down 5.43 percent, or 163.99 points, at 2,856.27, on news that China's securities clearing house had tightened the use of corporate bonds as collateral for short-term financing.

  • Analysts' at top brokerage firms are of the view that the market had been waiting for a correction and there could be further weakness in global as well as domestic markets, but those dips should be used to go long or buy stocks at lower levels, because the broader trend still remains intact.

  • Nifty heading towards 8,200, says Mitesh Thacker. The trend is clearly on the downside so if somebody has not exited long, it is bad news. We are eventually heading towards 8,200 to about 8,180 on the downside and that is where some kind of support and consolidation might happen; but for the time being the trend is on the downside, he asserts.

  • Expect more correction in markets over next two-three trading sessions, says Sandeep Wagle. There is certainly more downside. Yesterday at 8,450-8,460, we had that view and we had talked of 8,300. That has almost come in today. It is just 30 points short. I would talk of 8,150-8,180, which is another 200 points down. May be we will see this fall not only tomorrow, but over the next two or three trading sessions, he says.

  • Latest correction in market is more of an opportunity than a cause of concern, says P Phani Sekhar of Angel Broking. Stocks can go to crazy levels if there is some sort of concerted selling. But that is more of an opportunity rather than a cause for concern. From where we are, we can easily correct by 5%. But that should not bother long-term investors. They should accumulate during these corrections because I do not see anything worrying or concerning. In fact, if anything, the five-year low at which oil is trading is also a welcome sign for economies like India, he adds.

NIFTY 3-Month

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