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Market Report

Thursday, 16-Apr-2015

NSE

  • The 30-share Sensex opened higher at 28,876.23 and stayed in the positive zone briefly on sustained foreign capital inflows. On emergence of profit-booking in bluechips, it slipped into the red to touch day's low of 28,497.70 before settling 133.65 points down or -0.46 per cent at 28,666.04 today. This is gauge's lowest closing since April 7 and has now lost 378.40 points in straight two sessions.

  • The 50-issue NSE Nifty also dropped by 43.50 points or -0.50 per cent to end at 8,706.70 after shuttling between 8,760 and 8,645.65 in intra-day. The Nifty ended lower for the second straight session with IT and healthcare stocks contributing the most to the decline on the back of lacklustre US economic data for the month of March. Expectations of sluggish revenue growth during the fourth quarter from TCS also weighed on sentiment.

  • Experts feel that the decline is expected to get steeper in the near term. The uptrend, that brought the Nifty to near 8850 levels, is now being seen as a mere technical pullback rally in a downtrend market.

  • 8,620 to act a key support level for Nifty, says Mitesh Thacker. So far, we have managed to hold on to key levels of 8,620-8,630 on the index. But unless we start capturing 8,730-8,750 again, there remain chances that we we might break 8,620 on the index. If that happens, then a further decline is likely. I would recommend to have a stock-specific approach. You might want to aggressively short Nifty on dips below 8,620, he says.

  • According to The Financial Times, the Indian government has set itself on a collision course with global fund managers with a Rs 40,000-crore tax demand on foreign institutional investors as FIIs lost a case against the levy of tax on capital gains they have made. FIIs went to a tribunal, they got a judgement against themselves. Finance Minister Arun Jaitley has confirmed that the government will press ahead with the demand. This can have a negative impact on the market and could turn things messy, say fund managers.

NIFTY 3-Month

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