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Market Report

Tuesday, 04-Sept-2012

NSE

  • The Nifty closed at 5274.00, up 20.25 points or +0.39 per cent and the Sensex ended at 17440.87, up 56.47 points or +0.32 per cent.

  • Markets recouped early losses to end marginally higher today, amid a volatile trading session on the back of short covering at lower levels, led by banks and index heavyweights. Bank shares firmed up after global investment bank Goldman Sachs upgraded Indian banks to "neutral" from "cautious" citing favourable risk/reward in public sector bank stock prices. Finance Minister P. Chidambaram's remarks on Monday that India will clamp down on tax evasion and is on track to meet its 2012/13 tax collection target despite a sharp economic slowdown, aided investor sentiment. There is also renewed hope of a possible increase in diesel prices which would be positive as far as fiscal deficit is concerned. But, European shares fell today as investors turned cautious in the run-up to a European Central Bank (ECB) meeting.

  • Investors should remain on long side for next few days. The idea should be to get long in this market and it is showing reasonable strength even during the falls, says Ashwani Gujral.

  • Market on lower side continues to get a valuation support. In the last two months we have received around $2.5 billion and for the year we have received $12 billion which is highest in emerging markets. So, in spite of the disappointments we are having on the domestic front, FIIs have committed lot of funds to Indian markets, as per Kotak Life Insurance.

  • India outperformed EM and Asian markets in August. Indian markets have been consistently attracting investment from FIIs which many analysts argue as 'hope trade' as per Morgan Stanley.

  • Good chance of Nifty hitting 5110 mark this month. In the week gone by, the Nifty index posted a downswing of 210 points from the high of 5448 on August 24 to a low of 5238 on Aug 31, says Rajat Bose.

NIFTY 3-Month