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Market Report

Wednesday, 12-Aug-2015

NSE

  • Continuing its losing spree for the fourth straight session, the 30-share BSE benchmark ended the day down 353.83 points, or -1.27 per cent, to close at 27,512.26 today. The NSE barometer Nifty index lost 112.90 points, or -1.33 per cent, to settle at 8,349.45 today. In intraday trade, the CNX Bank Nifty fell about -2.50 per cent to 18,166.15 today.

  • Markets ended lower, amid weak global cues, after the rupee slumped to nearly two-year lows in the wake of yuan devaluation while the ongoing protests in the Parliament by the opposition raised worries whether the GST Bill would be passed in the monsoon session that ends tomorrow. Soon after the adjournment of Rajya Sabha put the fate of the much vaunted GST Bill in a limbo, the BSE Sensex slipped over 350 points, while the broader 50-share Nifty breached below the 8,350 level.

  • Globally, China's devaluation of its currency dented global markets. In Asia, Shanghai Composite, Nikkei, Hang Seng and Straits Times fell between -1% to -3%. In the European sector, FTSE, DAX and CAC 40 dropped between -1% to -2.7%.

  • 8,320 holds the key for Nifty; explore shorting opportunities in banking space, says Mitesh Thacker. 8,320 level is an important swing low for the Nifty. The index has bounced back twice from the level. If the level is broken, I would look at 8,200 and, subsequently, sub-8,000 levels on the index. While, CNX Bank has clearly gone into a strong underperformance phase, one may expect some support coming in from IT stocks, he adds.

  • Nifty likely to revisit 7950-8000 sooner than later, says Ashwani Gujral. Possibly 8300 on the index holds the key. Below the level, one can expect 200-300 points of fairly sharp selling. There is possibly that the index might see some stability around 8300-8320 but given the momentum sooner or later we will go through 8300 and possibly revisit 7950-8000, he adds.

  • After market hours: The annual consumer price inflation slowed down to 3.78 per cent in July, its lowest level on record. July retail inflation figures are much lower than 4.42 per cent annual rise predicted by analysts and 5.40 per cent recorded in June. Retail food inflation for last month came in at 2.15 per cent, sharply lower than 5.48 per cent in June.

  • After market hours: June IIP rises to 3.8% versus 2.7% in May month-on-month. GDP has improved from 6.9 per cent in 2013-14 to 7.3 per cent in 2014-15. It is expected to be 8-8.5 per cent in the current financial year.

NIFTY 3-Month

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