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Market Report

Tuesday, 10-Mar-2015

NSE

  • The 50-share Nifty closed at 8,712.05 today, down 44.70 points or -0.51 per cent. It touched a high of 8,778 and a low of 8,677.35 in trade today. The S&P BSE Sensex ended at 28,709.87, down 134.91 points or -0.47 per cent. It touched a high of 29,949.11 and a low of 28,584.49 in trade today.

  • The Nifty extended losses for second straight session and closed marginally above its crucial psychological support level of 8700 as worried investors booked profits on concerns of hike in US interest rates in June. Better than forecast US jobs data fuelled speculation that the US Federal Reserve is moving closer to raising interest rates as early as June, while central banks in the European Union and Japan were busy easing policy by buying billions in government bonds.

  • The US Dollar played the devil on Dalal Street as our market along with other Asian markets came under pressure in trade today with the US dollar scoring multi-year highs against the euro and yen amid starkly diverging outlooks for interest rates globally. Dealers attributed the fall in rupee to dollar's gains against other currencies and a sharp fall in the domestic equity markets.

  • 8,500 level on Nifty can be revisited in 2-3 days if Nifty falls below 8,670, says Sandeep Wagle. Even in a technical bounce back I do not see Nifty above 8,800. It can utmost rise by 40-50 points to 8,760-8,780. If this happens, then one can short the Nifty. Place stop loss at 8,830 and sell more aggressively once 8,670 is broken down. Take the 100-point risk and play for a 250-point downside. Levels around 8,500 are on cards. Those level can be achieved quite fast. It could come in a matter of two or three trading sessions once 8,670 is taken out. So take that short call as aggressive trader, he insists.

  • Bank Nifty leading the stock market fall, says Devang Mehta. The major part of the fall in the Bank Nifty is because of the absence of any sort of cues. In fact, the 25 bps surprise rate cut by the RBI was also sold into. So probably Bank Nifty is leading the market down, which was even leading the market on the way up. So for how much time would pharma, IT as well as FMCG stocks support the market in terms of its upmove is anybody's call, he adds.

NIFTY 3-Month

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