30 January 2014

MID-SESSION UPDATE FOR 30 JAN 2014

Asian stocks dropped on Thursday, 30 January 2014, after the US Federal Reserve pressed on with cuts to US economic stimulus and as a report showed China's manufacturing industry contracted.
market indices extended initial losses and hit fresh intraday low in morning trade. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their lowest level in more than nine weeks. The market breadth, indicating the overall health of the market, was weak.
The market sentiment was hit adversely by the US Federal Reserve's announcement of a further reduction in its monthly bond purchases and Fed's indication that it is likely to keep reducing its purchases in the coming months, citing a pickup in US economic activity and improvement in the US labor market. The Sensex was down 218.48 points or 1.06%, off 73.10 points from the day's high and up 13.80 points from the day's low. The BSE Small-Cap and Mid-Cap indices were off more than 1% each.
The market may remain volatile today, 30 January 2014
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