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Market Report

Tuesday, 23-Dec-2014

NSE

  • Sensex, the 30-share index, closed at 27,506.46 today, down 195.33 points or -0.71 per cent. It touched a high of 27,851.10 and a low of 27,475.13 in trade today. Tracking the momentum, the 50-share Nifty index also slipped below its crucial psychological level of 8300 to end at 8,267.00 today, down 57.00 points or -0.68 per cent. It touched a high of 8,364.75 and a low of 8,252.85 in intraday trade today.

  • Benchmark indices failed to hold initial gains to end lower after rising for three straight sessions amid a volatile day after poll trends indicated that the Modi-led BJP does not have a clear majority in Jammu and Kashmir (J&K), but may form a government in Jharkhand. The Street had expected a clean sweep by the BJP in both the states, Reuters said in a report quoting traders. The indexes corrected sharply in the second half of trading session, when trends indicated that the BJP failed to attain majority in both the states.

  • Traders also remained cautious ahead of the expiry of monthly equity derivatives contracts due tomorrow. Profit-booking in bank shares and weakness in metal, information technology and select index heavyweight stocks dragged the markets down. Parliament's winter session came to an end today and highly expected Insurance bill and Mining bill haven't been pushed out, which also disappointed investors. Separately, it was also reported India's minister of state for finance as saying GAAR will be applicable in FY 2015-16. General Anti-Avoidance Rules (GAAR) were introduced in 2012 but kept on hold.

  • Meanwhile, selling by foreign institutional investors continued unabated throughout this month and they were net sellers in Indian equities worth Rs 335.24 crore yesterday and Rs 444.93 crore today, as per provisional stock exchange data. See our 'Market Statistics' page.

  • See Nifty in 8,200-8,400 band next week, says Sandeep Wagle. We have witnessed some profit booking at higher levels. But I will still not term this as weakness. We are very clearly above the 8,220-8,250 band. Until we break 8,200, I would not be that worried. But yes, if we open down with a gap tomorrow and then we refuse to go up, then probably we can threaten to go down further and test the 8,050-7,950 band, he says.

  • No need to worry till Nifty holds 8200 levels, says Ashwani Gujral. If tomorrow morning we start trading above the first half an hour's high, that would tell you that maybe the trend is resuming on the upside. We had a 400-point rally in about four days and today you had somewhat of a step back. So I would think that we should resume if not tomorrow maybe day after, he adds.

NIFTY 3-Month

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