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Market Report

Monday, 16-Feb-2015

NSE

  • The BSE Sensex resumed higher today at 29,170.77 and firmed up further to 29,325.35 before ending at 29,135.88, showing a gain of 40.95 points or +0.14 per cent. The index has gained 908.49 points or 3.22 per cent in five days. Domestic markets extended their winning session to fifth day and the Sensex closed at two-week highs.

  • Nifty, the 50-share index, ended at 8,809.35 today, up 3.85 points or +0.04 per cent. It touched a high of 8,870.10 and a low of 8,793.40 in trade today. Expectations of pro-growth Budget and hopes of more interest rate cuts supported markets after WPI inflation in January turned negative for the second time in 3 months.

  • The Nifty pared intraday gains and closed on a flat note led as banks came under selling pressure after a sharp upmove in the past few sessions. According to analysts, if profit booking intensifies in banks in coming sessions then the Nifty may slip to 8,750 levels.

  • Globally, all eyes are on Greek Finance Minister Yanis Varoufakis on Monday meeting his counterparts from the Eurozone in Brussels to seek their backing for an overhaul of the austerity-laden bailout. Global markets are hoping a deal can be reached before the end of the month, when Greece's bailout is due to expire. Failure to agree an extension would see it default on its giant debts and likely mean it would crash out of Eurozone.

  • Worrisome if Nifty breaks below 8750, says Mitesh Thacker. We have already had roughly about 50 or 60 point shaved off from the today's high and we might have another 50-60 points being given up and in case we start breaking below 8750 then I would be slightly worried on the markets. But for the time being it does not look like that. It could be after three-four days of bounce back just a one-day of volatility and that is what it appears to me as of now, he says.

  • Expect downside on Bank Nifty on Wednesday, says Ashwani Gujral. The problem in our market comes from the banking space. Intraday it has fallen over 400 points. That sort of fall is not really a mild correction. I will be very surprised if the Nifty crosses above today's high. But if banks start to move lower and even if IT moves higher, I do not think the Nifty will be able to make too much ground. It is very crucial that today's low is held on all the indices, otherwise we should expect downside to happen on Wednesday itself, he says.

NIFTY 3-Month

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