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Market Report

Friday, 13-Nov-2015

NSE

  • The S&P BSE Sensex ended the day 256.42 points, or -0.99 per cent, down at 25,610.53 while the 50-stock barometer Nifty50 lost 62.75 points, or -0.80 per cent, to end the day at 7,762.25 today. Vedanta and Cipla were the top losers in the BSE benchmark.

  • The domestic equity benchmarks ended in the red for the third successive week, with BSE Sensex down 655 points, or -2.49 per cent, and Nifty50 losing 153 points or -1.92 per cent.

  • Markets have closed lower on the first day of Samvat 2072 tracking weak global cues along with significant selling among capital goods, FMCG and IT shares leading the fall. Further, the annual industrial output grew at a slower-than-expected pace of 3.6% in September, dampened by a slower expansion in the mining sector, government data showed on Thursday. Also, the retail inflation climbed to a four-month high in October as food prices escalated on supply deficiency in pulses.

  • Nifty may find it difficult to breach 8,200, says Jagannadham Thunuguntla of Karvy Stock Broking. Unless something dramatic event happens, I feel Nifty will remain stuck in a range of, say, 7,500 to 8,200. It would take a major bad news to take the market down below 7,500 or some majority good news to take the index beyond 8,200. All in all, we are stuck in a range. Somewhere, it is high time for the government to start getting its act together, he adds.

  • Nifty50 unlikely to break 7,700-7,800 range in next 2-3 sessions, says Sandeep Wagle. I feel the Nifty50 will find its long-term support around levels somewhere between 7,400 and 7,300. The bottom is very near somewhere around 7,350-7,400. On the upside, once 8,300 is broken out, then will come the next of leg of the rally. Till such time, may be a month may be two, we will spend some time in 7,300-8,200 region, he adds.

  • All eyes will now be on the Government and the proceedings of the Winter parliament session, where important legislations are lined up, says Dipen Shah of Kotak Securities. Global cues were down as other Asian markets weakened in anticipation of an impending interest rate liftoff by the US Fed, but 25 bps hike seems to be partly discounted, he adds.

NIFTY 3-Month

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