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Market Report

Tuesday, 24-Mar-2015

NSE

  • In a highly volatile trade, the 30-share Sensex rose over 260 points to the day's high of 28,455.32 points on the back of recovery in selective bluechip stocks. However, a late sell-off pushed the index to the day's low of 28,130.09 before settling 30.30 points, or -0.11 per cent, down at over 9-week low of 28,161.72 today. The gauge has now lost 574.66 points in five sessions. On similar lines, the 50-share NSE Nifty ended with a loss of 7.95 points, or -0.09 per cent, to settle at 8,542.95 after trading between 8,627.75 and 8,535.85 in intraday.

  • Benchmark indices ended marginally lower, amid volatile trading session, weighed down by bank shares while caution prevailed ahead of expiry of March derivative contracts on Thursday. Markets will remain volatile as traders will unwind positions due to derivative expiry of March contract and fiscal-year profit booking. The next major trigger for the Indian markets is Q4 results of India Inc. which will start during second week of April, 2015.

  • Stock brokers said besides caution ahead of March expiry in the derivatives segment on Thursday, selling by mutual funds to meet redemption pressure in view of ending financial year 2014-15 also dampened trading sentiment.

  • Nifty likely to test 8,100 level in the next 10 days, says Ashwani Gujral. Consensus seems to be building up on no rate cuts and subdued Q4 earnings. Therefore, in the next 10 days, Nifty should bottom out somewhere around 8,100-8,200. There is more downside still to come. You just have to let the market decline and watch out for the stocks that are not falling, which stocks are holding on to their levels, which are making fresh highs. You make a portfolio of those stocks and then carry them as the market turns around. They are likely to outperform. Chances are higher that you will be able to make money irrespective of how poor the result season may be.

  • The structural story remains compelling for long-term investors, but the risk of a near-term pullback is rising, says a report by Asia-focused broker CLSA. Based on interactions with 80 investors in the US, CLSA says foreign institutional investors' interest in India is nearing a short-term peak, which might lead to some bit of consolidation in the near term. With most of the foreign investors being Overweight, there is an increasing unease about weak Q4 earnings. The macro triggers of land/GST bills also seem to be some time away, added the report.

NIFTY 3-Month

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