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Market Report

Tuesday, 21-Apr-2015

NSE

  • The Sensex witnessed a choppy session to end the day at 27,676.04, down 210.17 points, or -0.75 per cent. The broader 50-share Nifty closed the session below 8,400, at 8,377.75, down 70.35 points, or -0.83 per cent. Indian markets have plunging to their lowest in nearly four weeks today.

  • Benchmark share indices ended lower for the fifth straight session with Sun Pharmaceutical Industries leading the decline after Daiichi Sankyo sold its stake today while worries over retrospective tax on profits of foreign portfolio investors also dampened sentiment. The rupee meanwhile recovered losses after hitting a two-month low of 63.15 versus the dollar, and hit day's high of 62.75 as against the previous close of 62.92.

  • The market participants would closely watch the proceedings in parliament during the final part of the ongoing Budget session which began on Monday as the government hopes to pass the Goods and Services Tax (GST) and the Land Acquisition Bill.

  • NSE today saw record volumes in equity trading at Rs 41,167.23 crore helped by a huge bulk deal worth over Rs 20,000 crore in Sun Pharma. As many as 98.3 crore shares were traded on the National Stock Exchange today. The bourse's previous record stood at Rs 40,150.91 crore on May 19, 2009. In comparison, equity market turnover on the BSE today stood at Rs 4,021.67 crore with a total number of 86.86 crore shares traded.

  • 8,500-8,525 on Nifty a strong supply zone, says Mitesh Thacker. The trend remains on the downside. We had some kind of bounce back on the CNX IT index during Tuesday's session. These kind of movements can happen going forward, but one must use these recoveries to shed stocks. The index may eventually head towards 8,250-8,260, he says.

  • Nifty likely to test its 200-DMA of 8,250, says Ashwani Gujral. Even as the pace of decline may have slowed a bit, I do believe that the ongoing correction may intensify on Wednesday. The Nifty can at least test its 200-day moving average (DMA) of 8,250. From there, we may see a bit of bounce back. That said, the bounce should be used to sell into because I do not see any leadership emerging, he adds.

NIFTY 3-Month

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