IntradayTrade dot Net dot IN
Market Report

Thursday, 10-Sept-2015

NSE

  • Reversing gains from two previous sessions, 30-pack BSE benchmark Sensex fell 97.41 points, or -0.38 per cent, to end the day at 25,622.17 tracking declines around the region as lacklustre economic data in China heightened worries about the slowdown in the world's second largest economy. the broader 50-share Nifty index closed at 7,788.10 today, down 30.50 points, or -0.39 per cent.

  • Released today, official data showed China's consumer inflation edged up more than expected from a year earlier in August, but producer prices fell for the 42nd straight month, signalling the risk of deflation. The weak outlook for China had a bearing across Asian markets, all of which ended the day in the red. In India, 21 of the 30 Sensex stocks ended the session in the negative terrain. Hindalco was the top Sensex loser, falling up to 3 per cent.

  • Market sentiment was also dented by downgrading of credit rating for Brazil, a BRIC member, to junk by global rating agency S&P on Wednesday. The faster-than-anticipated downgrade from investment grade has rocked financial markets.

  • Bears may go for a hiding; expect Nifty to reclaim 8,000 soon, says Ashwani Gujral. Given that we are now finding support at higher and higher levels, bears would now cover the shorts much more aggressively than they did the first time, so I am fairly optimistic and chances are that a little bit of good news comes through you will pass 8,000 because the entire market is short. Today's action was extremely positive. We open gap down, everybody feared the market breaking down and the market came back very strongly. The Nifty Junior has come back almost 350-400 points from the lows so few more of these sort of days and we should be on our way, he adds.

  • The government is set to announce India's Industrial Index of Production (IIP) data tomorrow.

NIFTY 3-Month

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