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Market Report

Tuesday, 13-Oct-2015

NSE

  • The S&P BSE Sensex ended the day 57.58 points, or -0.21 per cent, lower at 26,846.53 while the 50-stock barometer Nifty50 closed with a loss of 11.90 points, or -0.15 per cent, to close at 8,131.70 today.

  • The domestic market on Tuesday retreated from its two-month high and closed lower for second straight day on account of profit booking after recent run up, tracking weak trends in other Asian and European markets and weighed down by IT and metal stocks. Weak revenue guidance from Infosys on Monday weighed heavy on the IT stocks for the second day, dragging the benchmark indices lower. Meanwhile, TCS has reported Q2 results after market hours today largely in line with Street estimates.

  • The market had a tepid reaction to the better-than-expected factory output numbers for August and the slightly higher inflation reading for September. These data points were released after market hours on Monday. The mild uptick in consumer price inflation raised concerns that the Reserve Bank of India may not cut policy rates further this calendar.

  • Nifty seeing support at 8,100; a breach may trigger further downside, says Mitesh Thacker. Nifty managed to hold on to that level today even as it fell below the level briefly in the morning trade. A fall below 8,100 breaking down will trigger a fall of another 70-80 points. And a key breakdown will happen once 8,050-8,030 breaks down. As of now, it looks like 8,100 to about 8,250 might be the range where the Nifty might chop around for next few days, he adds.

  • Market may move sideways; don't go short in a hurry, says Ashwani Gujral. While Nifty bounced back from 8,100, the futures premium did not expand, but contracted to four points. I believe that we are still not out of the woods. If Nifty continues to see 15-20 points of falls, then possibly a downside may not happen so easily. The next few days will tell us what the market is deciding - whether it is deciding to have a fresh down leg or just a correction post which, we would get past 8,250, he says.

NIFTY 3-Month

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