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Market Report

Friday, 12-Dec-2014

NSE

  • Nifty, the NSE index, fell for a fifth session in six today to post its worst weekly loss since July as oil explorers continued to slump after Brent crude prices slipped to below $63 a barrel. The Nifty closed down 68.80 points, or -0.83 per cent, at 8,224.10 today. For the week it lost 3.7 per cent for its worst weekly performance since mid-July. The benchmark Sensex slumped by 251.33 points, or -0.91 per cent, to end at 27,350.68 and logged its worst weekly drop in three years.

  • Markets ended lower amid weakness in European shares, dragged by oil shares because of declining global crude oil prices. Adding to this, investors were cautious ahead of CPI and IIP data. According to a survey, it was estimated that IIP will increase to 2.8% for the month of October, 2014 compared to 2.5% in the same month last year, and CPI to moderate to 4.5% in November, the slowest rate recorded since the data series was first published in 2012.

  • However, after market hours: The Index of Industrial Production (IIP) for the month of October contracted sharply at (-)4.2% versus 2.5% in September. Meanwhile, in some cheer, Consumer Price Index (CPI) cooled down to 4.38% for the month of November. This is much better than Street estimates.

  • After hitting an all-time high late last month, the S&P BSE Sensex now seems to have run out of steam. The index has seen a massive correction of over 1,226 points or -4.29 per cent in just seven trading sessions. The weakness is expected to continue for some more time and the benchmarks may slip further in the coming sessions, say experts.

NIFTY 3-Month

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