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Market Report

Monday, 23-Feb-2015

NSE

  • The 30-share index finally ended at 28,975.11 today, down 256.30 points or -0.88 per cent. It touched a high of 29,362.96 and a low of 28,913.16 in trade today. The Nifty closed at 8,754.95 today, down 78.65 points or -0.89 per cent. It touched a high of 8,869 and a low of 8,736.10 in trade today. Both indexes closed below important psychological levels today: the Sensex below 29,000 and the Nifty below 8,800.

  • The S&P BSE Sensex which was holding well till afternoon trade came crashing down after the global rating agency, S&P, said in its latest report that the country's low income levels and weak fiscal and debt indicators constrain the country's credit profile. Reacting to the report, the S&P BSE Sensex plunged as much as 318 points in trade, weighed down by losses in consumer durable, banks, FMCG, and oil & gas stocks.

  • Investors also turned cautious and booked profits ahead of the key events including Economic Survey, Railway Budget and Union Budget along with the expiry of February derivative series due later during the week. Despite the fall in the last 2 sessions, the broader trend, analysts say, is still intact and current sell off is nothing but adjustment of over retracement in the short term.

  • The Budget session which started today stressed on key reforms. President Pranab Mukherjee said that inclusive growth was a top priority of the government and it was committed to expand the job market. Mukherjee said the government had taken several initiatives including smart cities, skill development, ease of doing business and tapping the country's demographic dividend.

  • Our indexes are expected to remain volatile ahead of the Budget 2015 and February F&O expiry. The volatility is expected to grip the markets in the budget week, which will be extended by one day with trading allowed on Saturday, the Budget day. The Budget session lasts till March 20, the Parliament will reconvene on April 20 and the session is due to conclude on May 8.

NIFTY 3-Month

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