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Market Report

Monday, 09-Feb-2015

NSE

  • The BSE Sensex, after opening lower at 28,566.50, continued to slide on selling pressure in bluechip companies, forcing the Sensex to touch a low of 28,183.32 before settling lower by 490.52, or -1.71 per cent, to close at 28,227.39 today. This is its weakest closing since January 16. The 50-share NSE Nifty dipped below the psychological 8,550-mark by tumbling 134.70 points, or -1.56 per cent, to close at 8,526.35 today. It touched a high of 8605.55 and a low of 8516.35 in trade today.

  • Markets today slumped for the seventh straight day, its longest losing streak in 15 months, with Sensex losing over 490 points to end at about three-week low on exit polls showing that the BJP may not be able to form government in Delhi. Besides, the rupee depreciated against the dollar to over three-week low of 62.20 (intra-day) on sustained capital outflows which dampened market sentiments. Disappointing corporate earnings and caution ahead of GDP data for December quarter also cast shadow on the trading sentiments, they said. Mixed trend at other Asian markets and a weak opening at European markets also weighed on sentiments here.

  • Foreign funds continued to remain net sellers on domestic bourses which weighed on the sentiment and added to selling, equity brokers said. FPIs sold shares worth Rs 96.45 crore on last Friday, and sold another Rs 660.30 crore worth of stocks today. This is the 7th consecutive day in which foreign investors have remained net sellers. See our 'Market Statistics' page.

  • See 8400-8420 levels on the downside, says Mitesh Thacker. Breaking below 8600 was an important level, and we gapped down below that and there was no attempt during the day to fill the gap. So now 8600-8630 would become an important supply zone on any kind of pullbacks or bounce backs and eventually we should see levels of around 8400 to about 8420 on the downside, he says.

  • Another 200-300 points downside is possible on Nifty, says Ashwani Gujral. Let us not blame anybody. You had excesses on the upside and those excesses are correcting. We could still do 8200 to 8300, that is basically where the market consolidated and spent a lot of time. The big push is on the downside and I would say that some sort of fresh down move has started today because today we gap down below support and just kept going so another 200-300 points downside is possible, he says.

NIFTY 3-Month

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