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Market Report

Thursday, 11-Dec-2014

NSE

  • Sensex, the 30-share index, ended the day at 27,602.01, down 229.09 points or -0.82 per cent. It touched a high of 27,796.34 and a low of 27,539.47 in trade today. The Nifty closed at 8,292.90, down 62.75 points or -0.75 per cent. It touched a high of 8,348.30 and a low of 8,272.40 in trade today. Markets today plunged to six-week lows weighed down by global concerns and profit booking by FIIs ahead of holidays.

  • The S&P BSE Sensex plunged as much as 863 points, while 50-share Nifty index slipped 233 points in the last eight trading sessions in the month of December. According to analysts, the correction was long overdue after one-way movement on the upside and investors should use these corrections to go long or buy quality stocks at lower levels, because the long-term trend still remains on the upside.

  • A big depreciating Rupee that weakened by over 30 paise, or 0.50 per cent, to almost nine-month low of 62.34 (intra-day) against the dollar also had an impact on stocks. Besides, investors were cautious ahead of the release of Consumer Price Index-based inflation and Index of Industrial Production scheduled on Friday.

  • Globally, Asian markets sank again after Wall Street was hit by a further fall in oil prices, while the dollar rose against yen. Declining crude oil prices added to concerns over slowdown in global growth.

  • Expect market to trade in this range in December, says Nitin Raheja of AQF Advisors. You would have to go to the technical chartist to understand more, but clearly if I look at trend perspective, the market seems to have come to some sort of intermittent top and has got into the much-needed correction. However, we continue to believe that it is a bull market. It is more a stock-specific approach that we continue to follow, he says.

  • Market to remain choppy for some time, says Sandeep Wagle. The way it was shaping up till 2:30, we looked all set to move towards 8,350-8,370, which anyway would have given us another opportunity to sell at higher levels. We just cracked down and we have closed at the low. Having said that, though I am bearish, I still see some more choppiness and that is what is worrying me, he says.

NIFTY 3-Month

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