Sensex, Nifty firm as WPI retreats Analysis for Sep 14, 2015

Posted By: Religare
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The key domestic benchmark indices continued to trade firm during the late noon trading session on the back of robust buying supported by positive economic data.

At 14:21 hours, the 30-share barometer, Sensex was trading at 25768.07, up by 157.86 points or by 0.62 per cent, while the NSE Nifty was at 7832.75, up by 43.45 points or by 0.56 per cent.

Sentiments remained buoyed as wholesale inflation in India contracted sharply in August 2015, marking the tenth month of contraction, led by a slump in fuel prices, making case for further monetary easing by the Reserve Bank of India (RBI) in its upcoming monetary policy.

Wholesale prices tumbled by 4.95 per cent in August 2015 from the same month a year ago, following a 4.05 per cent contraction in July 2015, according to an official statement.

In the bullish trade so-far, Sensex touched an intraday high of 25815.91 and an intraday low of 25531.07, while the NSE Nifty touched an intraday high of 7849.25 and an intraday low of 7761.85.

For further cues, traders are eying the consumer price inflation data scheduled to release later in the day, with analysts expecting consumer price inflation to retreat to a record low of 3.6 per cent in August 2015 from 3.78 per cent in July 2015.

Major gainers on the D-street included, Tata Steel Ltd. (Rs. 240.35,+3.13%), Axis Bank Ltd. (Rs. 493.70,+2.58%), Wipro Ltd. (Rs. 571.30,+2.51%), Hindalco Industries Ltd. (Rs. 77.70,+2.10%), among others.

On the flip side, some selling pressure was witnessed in stocks including Bajaj Auto Ltd. (Rs. 2306.95,-0.50%), Reliance Industries Ltd. (Rs. 857.50,-0.41%), Oil And Natural Gas Corporation Ltd. (Rs. 227.80,-0.18%), Hindustan Unilever Ltd. (Rs. 793.90,-0.08%), Larsen & Toubro Ltd. (Rs. 1598.50,-0.04%), among others.

Among the sectors, Metal and power emerged as major gainers and were trading higher by 2.35 per cent and 1.97 per cent respectively.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total 2583 shares traded, 1575 shares advanced, 909 shares declined while 99 remained unchanged.

On the global front, Asian markets ended the day on a mixed note as tepid China data underscored concerns over the health of the world"s second biggest economy while focus returned to the timing of a maiden US interest rate hike since 2006, with the Fed set to kick-off a two-day meet on Wednesday. Meanwhile, European counters were lending positive support as FTSE 100, CAC 40 and DAX all were trading in green.

Story first published: Monday, September 14, 2015, 15:00 [IST]
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