Sensex, Nifty continue to look weak: Weekly Market Report

If Nifty goes sharply below 6,230, expect a deeper fall, possibly below the recent low of 6,130. For the rally to resume, a close above 6,300 is needed

For the first time this year, the stock market closed the week in the positive. The BSE Sensex closed at 21,063.62 (up 305 points or 1.47%) while the NSE Nifty closed at 6,261.65 (up 90 points or 1.46%). However, almost the entire gain of the week came in just one big rally on Monday.


Previous week, we had mentioned that the Sensex and Nifty may head lower as the selling pressure seems very strong. So after an upsurge on Monday and Wednesday, the market has given way to most of the gains.


A bullish trend started on Monday, making it the day with the highest daily gain since the beginning of the year 2014. Fitch rated India "BBB-minus" with a "stable" outlook on the basis that the government is maintaining fiscal discipline before the general elections. Nifty closed at 6,273 (up 101 points or 1.64%).


The negative closing of the US indices on Monday on the back of weak earnings and pre-announcements in the United States sparked concerns that the upcoming reporting season may disappoint. Inflation based on the combined consumer price index (CPI) of urban and rural India slowed to 9.87% in December 2013, from 11.16% in November 2013, according to the data released by the government after trading hours on Monday. On Tuesday Nifty closed at 6,242 (down 31 points or 0.49%)


World Bank has raised its global growth forecasts. The bank sees the world economy expanding 3.2% this year, compared with a June projection of 3% and up from 2.4% in 2013. On the other hand, the finance minister P Chidambaram said India's fiscal deficit will be contained at 4.8% of the gross domestic product hinting at possible cuts in government spending. Nifty closed sharply higher Wednesday at 6,321 (up 79 points or 1.27%).


After World Bank raised its growth forecasts, the International Monetary Fund sees global growth to pick up this year and it sees the momentum in the world economy in the second half of last year should continue in 2014. Moody's Investors Service said the economic recovery in India will be slow and will come in the second half of 2014 and it also said the outcome of the general elections due in April-May can affect India's growth. On Thursday, the market closed marginally in the negative at 6,319 (down 2 points or 0.03%).


On Friday the market declined once again after the TCS result missed the market estimates. Nifty closed at 6,262 (down 57 points or 0.91%).


For the week, among the other indices on the NSE, the top two performers were Energy (2%) and PSE (2%) while the worst two performers were Media (4%) and Smallcap (2%).


Among the Nifty stocks, the top five stocks for the week were H C L Technologies (6%); BHEL (5%); Infosys (5%); L & T (5%) and HDFC (5%) while the top five losers were Ranbaxy (12%); Bharti Airtel (6%); Coal India (6%); TCS (3%) and Lupin (3%).


The market breadth was hugely negative during the week. Of the 1,321 companies on the NSE, 395 companies closed in the green, 901 companies closed in the red while 25 companies closed flat.


Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:


Top ML sector


Worst ML sector




Telecom Services






Oil & Gas


Consumer Durables












Stampede in South Mumbai kills 18

Huge crowd had gathered to pay last respects to Dr Syedna Mohammed Burhanuddin, the spiritual leader of Dawoodi Bohra community

At least 18 persons were killed in a stampede at Malabar Hill area in South Mumbai during the wee hours on Saturday. The incident occurred after 1am in the Malabar Hill area, where an overwhelming crowd had gathered to pay their last respect to the departed spiritual leader of Dawoodi Bohra community, Dr Syedna Mohammed Burhanuddin.


His followers had started thronging his residence at the Hill after they came to know about his death.


According to sources, over 40 people were injured in the stampede. The injured have been admitted to the Saifee Hospital.


Dr Syedna was to celebrate his 103rd birthday in a few weeks, a spokesperson of the Bohra community said.


The 52nd Dai al-Mutlaq of the worldwide Dawoodi Bohra community, Dr Syedna expired at his Mumbai residence at Saifee Mahal.


Born in Surat, the leader was the eldest son of Syedna Taher Saifuddin. He succeeded his father upon his death in 1965. He was credited with transforming Dawoodi Bohras into a vibrant community.


Bohras thronged to the Syednas sermons. Dawoodi Bohra is a sect of Shia Muslims spread all over the world. One of the key principles of the sect is 'patriotism as part of the faith’.


He was honoured with highest civilian titles like the Star of Jordan and Order of the Nile by the respective governments of Jordan and Egypt.


Syedna was conferred Honourary Doctorates for his efforts in social and educational development by renowned institutes like Al-Azhar University, Cairo, Aligarh Muslim University and University of Karachi.


Sunanda Pushkar found dead after row on Twitter

Sunanda Pushkar, who was upset over an alleged extra-marital affair between her husband Shashi Tharoor and a Pakistani journalist, was found dead in the hotel last night

The body of Sunanda Pushkar, wife of Union Minister Shashi Tharoor, was on Saturday shifted to AIIMS for post-mortem as police continued to probe various angles, including suicide, in the case.


According to sources, a post-mortem would be carried out around noon by a team of doctors and the report could be available later in the evening.


The body of 52-year-old Pushkar was taken from the Leela Palace Hotel to AIIMS at around 3:30am. The body of Pushkar, a woman entrepreneur who married Tharoor in August 2010, was found in mysterious circumstances in luxury Leela Palace hotel in South Delhi.


Pushkar, who was upset over an alleged extra-marital affair between her husband Shashi Tharoor and a Pakistani journalist, was found dead in the hotel last night.


Pushkar and Tharoor were at the centre of a raging controversy in the last two days when reports emerged that she was upset over reported text and tweet messages between her husband and Mehr Tarar, Pakistani journalist.


Police had last night questioned a number of hotel staff and checked the CCTV footage of the lobby of the third floor of the luxury hotel where she was staying.


According to police sources, the call details record of Pushkar was also being checked as part of the probe into her death. Pushkar was found dead inside the suite No345 where she and her husband had checked in on Thursday.


Investigators said that they are screening the call details record of Pushkar as well as her tweets in the last few days.


They said a number of hotel staff, including those who had gone to the suite were being questioned to corroborate the version of Tharoor and his staff.


Police were also searching the suite thoroughly to see whether Pushkar had used any medicine.


Police sources speaking on condition of anonymity said that they suspect it could be a case of suicide.


Pushkar and Tharoor were at the centre of a raging controversy when reports emerged that she was upset over reported text and tweet messages between her husband and Mehr Tarar, a Pakistani journalist.


A joint statement from the couple on Thursday said that they were 'happily married' but distressed by 'some unauthorised tweets'.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)