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Market Report

Tuesday, 18-Aug-2015

NSE

  • The 30-pack Sensex fell 46.73 points, or -0.17 per cent, to settle the session at 27,831.54 today. Still the BSE barometer was down 209 points from its intraday high of 28,040.73. HDFC, Coal India and ITC contributed most to the Sensex fall. The 50-share Nifty index erased early gains to end lower, amid a volatile trading session, ending the day at 8466.55, down 10.75 points, or -0.13 per cent.

  • Fag-end buying in select blue-chip stocks helped the S&P BSE Sensex erase some of the intraday losses on Tuesday. A sharp correction in Asian markets amid concerns over global economic outlook weighed in on the domestic sentiment. Worries over a likely deficient monsoon added to the weak sentiment.

  • The day saw rating agency Moody's cutting India's GDP forecast for 2015 to 7 per cent from 7.5 per cent earlier, citing monsoon concerns and cautioned that further risks to growth stems from slow pace of reforms. What was more worrying were concerns it raised over the exchange rate reforms by China. The rating agency said the depreciation of renminbi (yuan) so far will not have any marked economic impact on the world's second largest economy. It added that the recent exchange rate reforms are credit negative for Chinese property companies. Tracking the news, China's Shanghai Composite index settled -6.1 per cent lower.

  • Nifty unlikely to break below 8,400 in a hurry, says Sandeep Wagle. Nifty is not giving any clear cues. I do not think 8,500 on the upside will be broken either. The bias still remains positive. I am getting more positive cues in individual names than negative. So, what is happening is profit booking at higher levels. In that sense, one has to play on smaller moves with a positive bias, he adds.

  • Small, midcap stocks to offer enough trading opportunities, says Ashwani Gujral. The index has been ruling between 8,300 and 8,650 levels for the past two months. The market is contracting on monthly, weekly and daily timeframes. We have intraday choppiness that is not leading us anywhere. Sooner than later, markets will breakout. Once that happens, you will get a more sustained move on the index. But till then, we need to put up with this choppiness and hunt for new sectors every day. The market can give you enough moves on mid and smallcaps. It just a matter of identifying, within the first half and hour, what stocks should work for the day, he adds.

NIFTY 3-Month

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