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Market Report

Friday, 30-Jan-2015

NSE

  • The 30-share Sensex finally closed at 29,182.95 today, down 498.82 points or -1.68 per cent. It touched an all-time high of 29,844.16 and a low of 29,070.48 in intraday trade. The Nifty ended the day at 8,808.90, down 143 points or -1.60 per cent. It touched an all-time high of 8,996.60 and a low of 8,775.10 in trade today.

  • Profit booking intensified today at key resistance levels of 30000 on the Sensex and 9000 on the Nifty. The S&P BSE Sensex plunged as much as 611 points in trade today, after hitting its record high of 29844.16. Tracking the momentum, the 50-share Nifty index also slipped towards its crucial psychological support level of 8800, weighed down by losses in banks, consumer durable, FMCG and metal stocks.

  • The 720-point rally of 10 consecutive sessions on the Nifty came to an end today. The index closed 144 points down after a massive intraday fall of 220 points. Analysts have been advising caution for the past few sessions as the market breadth had turned negative and a major offer for sale was on the cards. The massive Rs 22,600-crore offer for sale (OFS) of shares of Coal India can be attributed as one of the major factors for a sharp fall in the benchmarks today. According to analysts, the OFS has sucked liquidity out from the system.

  • There is no denying the fact that volatility will increase in the markets going forward. However, analysts across Dalal Street are of the view that investors need not worry about them, and use dips to accumulate quality stocks at lower levels as there is more steam left in the markets. Foreign institutional investors have been consistent in accumulating stocks in the Indian markets so far in the month of January. And the trend is likely to continue in future as well, say analysts.

  • Banks, largecap stocks are likely to correct next week, says Ashwani Gujral. As banks correct, the NSE's Nifty index may also correct. But, you will see stocks of real estate and construction sectors continuing their outperformance over the broader market. Real estate has been in a bear market for the last six years. Possibly that is turning. Even if it does not make new highs, it may see substantial rise, he says.

  • See Nifty to correct by another 100 points in short term, says Mitesh Thacker. This appears to be start of a slightly deeper correction than initially thought. I was expecting Nifty to consolidate between 8,800 and 9,000 levels. But, given the fact that 8,800 level has been sliced today on the downside, we may see deeper correction of another 100 points, he says.

NIFTY 3-Month

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