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Market Report

Monday, 09-Dec-2013


  • The Sensex broke two record highs today. One, it made a fresh all-time intraday high of 21,483.74; and second, it closed at its highest ever level at 21,326.42 today, up 329.89 points, or +1.57%. Till date, the all-time record closing high for the Sensex was 21,239.36 seen on November 3, 2013.

  • The Nifty closed the day at 6,363.90 today, up 104.00 points, or +1.66%. This is the index's record closing high in nearly six years. Nifty touched a high of 6,415.25 and a low of 6,345 in trade today. The Nifty opened at 6,415 levels, surpassing its previous intraday high of 6,357.10 touched on January 8, 2008, after the outcome of the state assembly election polls in four states of Delhi, Rajasthan, Madhya Pradesh and Chattisgarh that saw BJP emerge at the single largest party in terms of seats bagged. Nifty crossed the 6,400 mark for the first time ever, surpassing its previous high after a gap of 5 years and 11 months.

  • The rupee also saw significant gains today, hitting 60.83 in early trade. The rupee was off highs after hitting a four month high in early trades. But dollar flows from foreign investors ensured that the rupee trade stronger compared with previous close. At 03:47PM the rupee was trading at Rs 61.05 compared with previous close of Rs 61.44 per dollar.

  • According to analysts, the uptrend in the market is likely to continue in the short to medium term on expectations of a pro-development government in the Center.

  • Yes, the trend is upward and it will probably continue going forward, said Vinay Khattar of Edelweiss Financial Services to ET Now. There are two or three big things which are playing out here. One is of course yesterday's election results. Second factor which is playing out quite big is what is happening in US and Europe where there is a clear improvement in economy. So the macro both from the domestic as well as on the international side appears to be improving and that is what is going to pull the market up going forward, he added.

  • If Nifty closes above 6,357 anytime in the near future then within the next 45 trading sessions the index may rally upto 7,200-7,300 levels, says A K Prabhakar, Independent Advisor. We are in a bull run since August and hopes of a stable government will only strengthen the upmove, he adds.

  • According to analysts, benchmark indices can extend gains upto 6,700-6,800 levels by December-end on the Nifty which represents an upside of over 6 per cent from Monday's record high of 6,415.25. Accordingly, Sensex can surge to a level of nearly 23,000 from today's record high of 21,483.74.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)