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Market Report

Wednesday, 04-Feb-2015

NSE

  • After surging to 29,133.62 points at the outset on emergence of buying, the Sensex fell and touched the day's low of 28,824.68 before ending 117.03 points, or -0.40 per cent, lower at 28,883.11 today. The 30-share index has lost 798.66 points in the last four sessions. Similarly, the National Stock Exchange index Nifty slipped by 32.85 points, or -0.38 per cent, to close at 8,723.70 today. It hovered in a range of 8,792.85 and 8,704.40 in intraday.

  • Indian shares continued their retreat from record highs hit last week for a fourth session today to mark their lowest close in two weeks as banks declined on concerns the central bank's move to boost lenders' liquidity may weigh on margins. The Sensex slipped below the 29,000-mark after nearly two weeks. Brokers said sustained selling by participants in bluechip stocks and a lower opening in European markets and mixed trend in other Asian markets led to the fall.

  • Meanwhile, Foreign Portfolio Investors sold shares worth a net Rs 264.35 crore yesterday and another Rs 83.80 crore today. See our 'Market Statistics' file.

  • Bank Nifty may see a revival, says Mitesh Thacker. Overall, it look like you might get a bounce back or a relief rally in the Bank Nifty from around 19000 levels. We have declined from 20900 without a respite in the last six sessions and are now at 19000 levels. Maybe we will get a pullback but overall it does look likely that we will see lower levels and possibly weak supports of 18500 would be revisited. Lot of PSU banks, while they did bounce back, were extremely oversold on the intraday charts, he says.

  • Market settling into a sideways mode, says Ashwani Gujral. Given the way Bank Nifty has corrected, it would be fair to conclude that the market is now settling into a sideways mode. Fact remains that we are just jumping in this 8000-9000 band. Now buying carefully is even more important than it was last year because post budget when there is no new triggers, chances are that the market is going to have trouble moving up till the fundamentals catch up. The way the market is shaping up, you should be ready for sideways action rather than more trending action, he says.

NIFTY 3-Month

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