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Market Report

Friday, 13-Mar-2015

NSE

  • The Sensex ended the day 427.11 points, or -1.48% lower at 28,503.30, with only a tenth of its components ending with just marginal gains. The NSE Nifty lost 128.25 points, or -1.46% to close at 8,647.75 with the index losing 290 points or -3.3% during the week. Both the indices posted their worst weekly fall since the week ended December 12, 2014.

  • Benchmark indices posted their steepest weekly fall of the year on concerns over an early rate hike by US Federal Reserve and mixed economic data that showed a decline in industrial production for second straight month in January and retail inflation peaking to a four-month high in February.

  • An unexpected rise in inflation led to a sharp correction in the stock market on Friday, with benchmark indices marking their biggest weekly fall of the year. Consumer price index (CPI) inflation rose to 5.37% in February, higher than street expectation of 5.2%, rising for a third straight month, stoking concerns about future interest rate cuts by RBI. Analysts said the market has come under pressure due to weak corporate earnings and lack of near-term triggers in the Union Budget.

  • Further market direction will depend on the wholesale price index data (WPI) for the month of February 2015, which will be released on Monday, March 16, 2015. Most analysts expect the decline to extend further and if the index remains below 8,630 spot, the Nifty could further slip below to the 8475 levels in the coming sessions.

  • Nifty may slip towards 8,500 early next week, says Sandeep Wagle. The Nifty has broken a very crucial support of 8,667-8,670. This is not positive for the index. Follow up selling is likely and we may see the 50-pack index to slip towards the 8,500 level early next week.

NIFTY 3-Month

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