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Market Report

Monday, 12-Oct-2015

NSE

  • The S&P BSE Sensex ended the day below the psychological benchmark at 27,000, down 175.40 points or -0.65 per cent, to close at 26,904.11 today while the 50-stock barometer Nifty50 ended 46.10 points, or -0.56 per cent, down to close at 8,143.60 amid profit taking after sharp gains last week. Infosys and Lupin were the top losers on the BSE benchmark, slipping -3.91and -2 per cent at close.

  • The domestic market tanked nearly 450 points in intra-day trade on Monday, paring early gains as the entire IT basket crumbled following a downward revision in growth target for IT bellwether Infosys, while banking stocks weakened in anticipation of a spike in retail inflation data, which was to be released later in the day.

  • Break below 8,100 may pull Nifty down by another 100 points, says Mitesh Thacker. The uptrend has been disturbed. It does not look like a market which might have the immediate strength to get past 8,220-8,250 which was looking like a possibility a couple of days back. We have a good run from 7,700, but now indicators suggest that we might require more consolidation. So overall, it looks like a market which will trade in this 200-point range around Nifty-8,020 on the downside and about 8,220-8,250 on the upside, he says.

  • Use rallies to exit long positions, says Ashwani Gujral. For Nifty, the important level is 8,100. For Bank Nifty, it is 17,500. The market is losing steam at higher levels. On Monday, except metals everything else went down. If you get rallies from 8,100, you should use it to exit long positions rather than build new ones. Overall, I feel you could at best have 8,100-8,250 range on Nifty and at worse the index may see a break down at 8,100. If that happens, we could have further declines towards 7,950, he adds.

  • After market hours: Industrial production grew at a nearly three-year high of +6.4 per cent in August on account of improvement in manufacturing as well as mining activity and better offtake of capital goods. Industrial output, measured in terms of the Index of Industrial Production (IIP), was at +4.1 per cent in the April-August period against +3 per cent in the year-ago period.

NIFTY 3-Month

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