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Market Report

Wednesday, 15-Apr-2015

NSE

  • The 30-share Senex closed at 28799.69 today, down 244.75 points or -0.84 per cent. It touched a high of 29,094.61 and a low of 28,721.63 in intraday trade. The Nifty ended at 8750.20, down 83.80 points or -0.95 per cent. It touched a high of 8844.80 and a low of 8722.40 in trade today.

  • Benchmark share indices ended lower on Wednesday, after closing over five week highs in the previous session, weighed down by IT majors on concerns that the appreciating rupee could hurt revenues while private banks pared early gains on profit taking in late trades. The Nifty came under pressure at the fag end of the day and closed around its crucial psychological level of 8750.

  • The Sensex slipped as much as 322.63 points in the closing trade, which took the index below its crucial level of 29000 today. Despite a sharp sell-off in benchmark indices, much of the action was seen in individual stocks. As much as 188 stocks rose to their fresh 52-week high on the Bombay Stock Exchange today, led mainly by pharma stocks.

  • Some uptick in bank stocks was seen today on hopes of a rate cut by RBI as the wholesale inflation numbers have remained in negative territory, said K Subramanian of Altamount Capital. However, in the near term all boils down to corporate earning figures for the March 2015 quarter which will primarily guide the markets, he adds.

  • According to experts, the trend still remains to be on the upside and today's fall could just be more of profit booking. Nifty has strong support at 8680 to about 8700 levels. Chances are that the market will have one more pullback attempt and if it fails to reclaim 8800, then we should come collapsing down, says Ashwani Gujral. The odds of that are high because CNX IT or the Bank Nifty have not shown any strength. There is nothing to hold up the market and as we have seen that this was a weak rally to start with. I would not be surprised if the market is ready to turn, he adds.

NIFTY 3-Month

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