Post Session- Global Gloom grips Dalal Street Analysis for Jan 14, 2015

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The key domestic benchmarks extended a sell-off on Wednesday as the Sensex shed 78 points led by losses in metal stocks amid a deepening global commodities rout including the biggest plunge in crude oil prices since early 2009. The World Bank cut its growth forecast for the global economy in 2015 to 3 per cent from 3.4 per cent estimated earlier amid a slowdown in Europe and China, dampening the lure for risky assets. However, the Washington –based lender predicted India"s economic growth at 6.4 per cent in 2015 with growth tipped to accelerate to 7 per cent in 2017, making India the fastest growing world economy. The WPI data which showed a marginal uptick in prices last month bolstered hopes of a rate cut by the RBI in February, trimming losses in the Sensex. The wholesale price index rose by 0.11 per cent in December 2014 from the same month a year ago, after stagnating in November 2014, government data showed on Tuesday.

Asian stocks ended in the red as a stronger yen took toll on Japanese stocks while China"s economic growth forecast was slashed to 7.1 per cent this year from an earlier estimate of 7.2 per cent.

The BSE SENSEX closed at 27,346.82, down by 78.91 points or by 0.29 per cent, and the NSE Nifty ended at 8,277.55, down by 21.85 points or by 0.26 per cent.

The BSE Sensex touched intraday high of 27,512.8 and intraday low of 27,203.25. The NSE Nifty touched intraday high of 8,326.45 and intraday low of 8,236.65.

Meanwhile, the BSE MIDCAP closed at 10,471.91, down by 20.86 points or by 0.2 per cent, while the BSE SMLCAP ended at 11,201.08, down by 50.43 points or by 0.45 per cent.

On the Sectoral front, Metal and Healthcare shed 3.5 per cent and 0.9 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 3105, shares advanced were 1326 while 1648 shares declined and 131 were unchanged.

The top losers of the BSE Sensex pack were Sesa Sterlite Ltd. (Rs. 188.85,-7.63%), Hindalco Industries Ltd. (Rs. 142.10,-6.17%), Tata Steel Ltd. (Rs. 376.75,-3.79%), ITC Ltd. (Rs. 348.40,-3.29%), Wipro Ltd. (Rs. 552.40,-1.86%), among others.

Story first published: Wednesday, January 14, 2015, 17:00 [IST]
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