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Market Report

Monday, 14-Dec-2015

NSE

  • The BSE benchmark Sensex opened in the negative and briefly fell below the psychological 25,000 mark to hit a three-month low, but soon pulled off a smart rebound to end the day 105.92 points, or +0.42 per cent, higher at 25,150.35 today. NSE barometer Nifty50 gained 39.60 points or +0.52 per cent to settle for the day at 7,650.05 today. The 50-stock index had fallen below its psychological mark of 7,600 earlier in the day.

  • A rally in European stocks, a stronger-than-expected 9.8 per cent growth in October industrial output and a negative November WPI reading helped the domestic equity benchmarks register a smart rebound on Monday despite fears of a Fed liftoff in the two-day rate-setting meeting that begins on Tuesday. Most Asian markets tumbled deep into the red earlier in the day.

  • Meanwhile, FIIs have sold off Rs 5,487 crore worth of equities so far this month. Plus another 157.07 crore were sold today. Any rate hike decision by the US Fed on Wednesday may prompt a knee-jerk reaction from the market, resulting in more outflow. The fear is not only visible in equities, but in bonds and bullion markets as well. Bond traders are calling on the RBI to intervene by buying bonds via open market operations.

  • For the time being, the market is trading with marginal positive bias, said Mitesh Thacker. It appears there is some kind of a bounceback. 7,550 appears to have held on for the time being. But I am not looking at a reversal as yet. We need to get past 7,680-7,700 on the Nifty50 to confirm that we are into a strong reversal and some kind of a strong bounceback. For the time being, it just looks like a situation where we are seeing profit booking on short positions, adds Thacker.

NIFTY 3-Month

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