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Market Report

Wednesday, 07-Jan-2015

NSE

  • The 30-share BSE Sensex today fell by 78.64 points, or -0.29 per cent, to close at 26,908.82 points. The gauge shuttled between 26,776.12 and 27,051.60 in intraday. The NSE Nifty index also ended with a loss of 25.25 points, or -0.31 per cent, at 8,102.10 today, its weakest close since December 17. The Nifty shifted between 8,118.65 and 8,065.45 in intraday.

  • After yesterday's crash, the benchmark indexes today fell further to end at three-week lows on sharp losses in bluechips, including ICICI Bank, ITC, TCS and Hindalco, amid continued capital outflows. Market participants said trading was volatile and sentiment remained weak as data showed foreigners yesterday sold shares worth over Rs 1,570.76 crore and another 1,073.18 crores today on the Indian bourses. See our 'Market Statistics' page.

  • The indexes had witnessed its worst crash in five and a half years as stock markets globally went into a tailspin amid speculation about probable exit of Greece from the Euro region and oil prices cracking below USD 50 mark. Wednesday is the third straight session of decline with the Sensex having lost 980 points in this period.

  • It is clearly time to put money to work, says Nipun Mehta of Blue Ocean Capital. A lot of investors have been sitting on cash. It is probably a bit of panic, but our sense is that there is no real change as far as domestic structures are concerned and clearly, it is time to put money to work. When you look at sectors, some have really performed well in 2014, but there are still sectors which potentially could perform reasonably well in 2015, he adds.

  • Foreign institutional investors are likely to aggressively start investing by March once analysts come out with FY17 outlook, says G Chokkalingam of Equinomics Research. I don't think they will substantially cut investments in equities as income from oil exports comes down. Just because they are not making money in oil, there is a more reason for them to make money by investing in equity markets such as India. Despite political stability, strong leadership and everybody expecting India's growth to improve, FIIs brought only $16 billion in 2014 because valuation comfort was not there. That would change starting April. The current correction is addressing that valuation space. Therefore I see volatility till Feb-March. Post that, structural bull-run will resume once again, he adds.

NIFTY 3-Month

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