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Market Report

Thursday, 12-Mar-2015

NSE

  • The 50-share Nifty ended at 8,776.00 today, up 76.05 points or +0.87 per cent. It touched a high of 8,787.20 and a low of 8,732.90 in trade today. The S&P BSE Sensex closed at 28,930.41, up 271.24 points or +0.95 per cent. It touched a high of 28,971.01 and a low of 28,772.71 in trade today.

  • Benchmark indices snapped three-day losing streak led by ITC while financials with insurance subsidiaries gained on hopes that the Rajya Sabha would pass the Insurance Bill permitting increase in foreign investment limit to 49% from 24%. Investors also cheered the IMF raising its growth forecast for Indian economy for the current fiscal to 7.2 per cent. The bullish sentiment was supported by buying activity ahead of IIP numbers for January and retail inflation data for February to be released later in the day, brokers said. Analysts said passage of the insurance bill could raise optimism that other stalled economic reforms would also move ahead.

  • CNX Midcap 50 to breakout at 3,520; 8,800 crucial for Nifty, says Mitesh Thacker. Once the 3,500-3,520 zone is captured, the midcap index would have a breakout. It may look at targets of around 3,650-3,700. This means a lot of midcap names could do extremely well. But I have not given up my bearish stance. We are still bouncing back from the weekly levels. I am not sure, if this is turning into a strong up move. For Nifty, 8,800-8,820 would be the first port of call. Unless that is achieved, the short term bias remains on the negative side, he says.

  • Everyone is heavily overweight on India so if that coincides with the global sell-off then India could be a little bit more vulnerable in the short term, said Andrew Holland of Ambit Investment. With a possible US Federal reserve hike hovering, there will be some impact that could see the benchmark indices down by as much as 3 per cent in the near term, say experts. Analysts across brokerages believe India is well positioned in case a Fed move does come through. According to experts, the strength in US dollar at some point of time will start impacting dollar returns for investors worldwide, which will fuel further volatility in emerging markets, including India.

  • After market hours: January IIP has come in at 2.6 per cent mainly on account of improvement in manufacturing activity and better offtake of capital goods. December IIP has been revised upwards to 3.23 per cent from the provisional estimates of 1.7 per cent released last month. The growth in factory output, as measured by the Index of Industrial Production (IIP), was 1.1 per cent in January 2014. 14 out of the 22 industry groups in the manufacturing sector have shown positive growth during the month of January year-on-year.

  • After market hours: The consumer price based retail inflation (CPI) for February rose to 5.37 per cent on higher prices of food items. For January, the retail inflation was 5.19 per cent. The CPI in February last year was 7.88 per cent. Retail inflation has come in line with market expectations. Inflation is expected to stay within the comfort zone of the RBI and the government. This would give the RBI adequate headroom to substantially cut policy rates in the next fiscal year, which will in turn facilitate revival of the investment cycle, say experts.

NIFTY 3-Month

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