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Market Report

Monday, 14-Mar-2016

NSE

  • After the breathtaking rally in the first week of March, the domestic equity market went into the consolidation mode ahead of key macro events this week. The S&P BSE Sensex ended the day 86.29 points, or +0.35 per cent, higher at 24,804.28 today while the 50-share Nifty50 closed at 7,538.75 up 28.55 points, or +0.38 per cent. The benchmark indices had posted only marginal gain of +0.3 per cent each last week.

  • Markets gained for the second straight session after comments from RBI governor raised hopes of a rate cut while caution was seen in late trades ahead of the consumer price inflation data later today. RBI governor Raghuram Rajan said that the headline fiscal deficit target for the next financial year (at 3.5%) is a comfort for the central bank.

  • Coal India shares tanked -7 per cent in today's trade as it turned ex-dividend and made the benchmark Sensex cut most of the gains, after the 30-pack index had opened for the week on a strong note, rising 242 points. Experts are in consensus that most part of the pain is already in the price and long-term equity investors may count on the market to provide good benefits now. Point to note: Wholesale inflation (WPI) figures were largely neglected by our market today.

  • After market hours: After rising for five months in a row, retail inflation in February fell to 3-month low of 5.18 per cent as food prices including vegetables, pulses and fruits became less costly. Retail inflation, as measured by the Consumer Price Index (CPI), was at 5.69 per cent in January this year. In February last year, it stood at 5.37 per cent. The rate of price rise last month was the slowest since November, when the inflation print was 5.41 per cent.

  • The largecaps have corrected in the last one week or 10 days. You may see recoveries coming through, but may also see profit booking. So use lower levels of the market for a very selective approach with the largecaps being in focus, said Gaurang Shah of Geojit BNP Paribas.

NIFTY 3-Month

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