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Market Report

Wednesday, 14-Jan-2015

NSE

  • After yesterday's over 159-point fall, the 30-share BSE Sensex today opened in positive terrain but slipped into the negative zone to touch the day's low of 27,203.25. It settled down by 78.91 points, or -0.29 per cent, at 27,346.82 today. Overall, 19 Sensex constituents declined while 11 rose. The 50-issue NSE Nifty ended 21.85 points, or -0.26 per cent down, at 8,277.55 after shuttling between 8,326.45 and 8,236.65 in intraday.

  • Indian stock markets today fell for the second straight session as ITC shares tanked on worries related to proposed ban on sale of loose cigarettes while metal shares witnessed a sell off tracking weak commodity prices on rising concerns over global growth.

  • WPI inflation rose marginally to 0.1 per cent in December but the data was mostly discounted by the market today, traders said. The sharp rise in food inflation was hurting, however.

  • Markets will remain in consolidation mode, says Ashwani Gujral. Index is choppy and it is sideways to down. It could not get past 8,350-8,400 and similarly it didn't fall below 8,250 in hurry and this happens when you have very low flows in the market. Till we stay in this 8,100-8,400 type of zone, I do not think anything changes. The market remains in a consolidation but that is about it. On a day on day basis, it is fairly difficult and pointless to gauge the direction of the market, he adds.

  • This market can throw a lot of negative surprises, says Ajay Srivastava of Dimensions Consulting. We are in a sweet spot as far as the market is concerned. The dominant view is that the market will keep going up. But having seen what happened last night in the US, all bets are now off the table. Everyone knows oil prices are down drastically. There is just no explanation why the US markets would go up 1.5% and then climb all the way down. So, interpreting this kind of a market is truly tough. There is no comfort, although you can safely bet on some sectors at this point of time, he adds.

NIFTY 3-Month

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