IntradayTrade dot Net dot IN
Market Report

Friday, 24-Apr-2015


  • The S&P BSE Sensex ended the day at 27,437.94 down 297.08 points or -1.07 per cent. The broader 50-share Nifty closed the session at 8,305.25 today, down 93.05 points or -1.11 per cent. The Nifty touched a high of 8,413.30 and a low of 8,273.35 in intraday trade today.

  • Benchmark share indices ended over 1% lower on Friday with Infosys leading the decline after disappointing March quarter earnings while the guidance for the current fiscal was also lower than Nasscom estimates.

  • The sentiment was dampened on Dalal Street as the Minister of State for Finance Jayant Sinha informed the Lok Sabha that the Income Tax department has sent notices in 68 cases to Foreign Institutional Investors (FIIs) for payment of dues totalling Rs 608.83 crore towards Minimum Alternate Tax (MAT).

  • Technically the market is still looking weak and there are no positive triggers as of now. The Nifty can test the 200-DMA level of 8,250. Further, weak monsoon forecast is also a cause for concern. In the latter half of the session lower-than-expected fourth quarter earnings of Infosys dampened sentiment, said Alex Mathew of Geojit BNP Financial Services.

  • Earnings downgrades likely; Nifty staring at 8,000, says Ajay Bagga. I have been saying that for the last two months that probably 8,000 on Nifty is imminent. There are a number of factors working against the market; I would just add disappointing earnings to the list. The market will see earnings downgrades for the next one year. In the next six months, you would not see any major recovery, he says.

  • Falling rupee may weigh on markets; Nifty likely to slip below 8,000 in May, says Ashwani Gujral. The domestic currency is possibly heading towards 65 against the greenback. If that is the case, then obviously equities will also come down. At the moment, whatever results are good or bad, stocks are trending lower. So, once 8,280-8,250 zone on Nifty is taken out, we will see the fall. Markets will get totally cleaned out, totally disappointed, before a fresh leg will start. Hence, 7,950-8,000 on Nifty is very easily possible. We may hang around at present levels for a couple of days, but finally the said levels should be revisited in May, he says.

NIFTY 3-Month

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