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Market Report

Wednesday, 17-Dec-2014

NSE

  • Tracking the momentum, the 50-share Nifty index also managed to reclaim its crucial psychological level of 8,000 supported by gains in banks, metal and oil & gas stocks. The Nifty index finally ended 37.80 points lower or 0.47 per cent at 8029.80. It hit a low of 7,961.35 and a high of 8,082 in trade today.

  • The S&P BSE Sensex finally closed 71.31 points lower or 0.27 per cent at 26,710.13. It hit a low of 26,469.42 and a high of 26,871.91 in trade today. After rallying over 7000 points in the year 2014 till December, the S&P BSE Sensex slipped over 1900 points in the last month of the calendar year alone, largely weighed down by a sell-off in global markets.

  • Benchmark share indices ended lower for the fifth straight day, amid volatile trading session, with the Nifty closing below the crucial support level of 8,050 on concerns that slowdown in global growth could reduce the pace of foreign inflows into emerging markets. Late in the day, our markets managed to recoup losses as media reports suggested that the state-run Life Insurance Corporation of India started buying shares to stem market fall. LIC is a powerful market player in India that supports markets at times of vulnerability, and whose moves can shift sentiment.

  • The Rupee also retreated from 13-month lows after the central bank stepped up interventions, while bonds also recovered despite concerns over whether foreign funds will stick with India, added the Reuters report. The partially convertible rupee was trading at 63.63 per dollar at 03:40 pm, after weakening to as much as 63.89, its lowest since November 13, 2013. It had closed at 63.53/54 on Tuesday. The unit briefly gained on the day and hit 63.4650.

  • Investors keenly await a statement from the US Federal Reserve, new economic projections and a press conference by Fed Chairwoman Janet Yellen due later today. European markets, Asian markets, global markets is going to watch the event very-very carefully, because it might impact markets Thursday morning.

  • Brokers said persistent selling by foreign funds and retail investors on concerns like widening trade deficit. Foreign institutional investors have sold shares worth Rs 1,636.36 crore today, after heavy selling in the last few days. See our 'Market Statistics' page.

NIFTY 3-Month

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