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Market Report

Monday, 23-Dec-2013

NSE

  • In volatile trade, the BSE Sensex rose to day's high of 21,207.89 but frittered away most gains to end at 21,101.03, a rise of 21.31 points, or +0.10 per cent. The gauge had surged 371.10 points on Friday. The 50-share NSE index Nifty closed 10.25 points up, or +0.16 per cent, at 6,284.50 today on late selling in bluechips including Infosys, HDFC and TCS despite a firm trend in the global markets.

  • Brokers said apart from profit-booking at higher levels, RBI Governor Raghuram Rajan's comment that nobody should doubt the central bank's desire to fight inflation, also led to the late selling. Last week, the RBI kept key policy rates unchanged citing the need to push sagging growth while being equally wary of the inflation, sparking off a relief rally on the bourses.

  • Globally, Asian markets finished higher today with shares in Hong Kong leading the region, encouraged by record highs on Wall Street, though anxiety over a credit squeeze in China capped the gains. Japanese markets were closed today on account of Emperor's Birthday. European indices were also trading higher in early trades.

  • The market sentiment is also boosted by data showing that foreign funds remained buyers of Indian stocks on Friday. Today, the situation is more balanced. The direction of foreign institutional inflows and the rupee against the dollar would be deciding the stock market trend in the truncated trading week ahead. The partially convertible Rupee was trading at 61.91-a-dollar at the interbank exchange in afternoon deals.

  • My belief is that for the time being, the directional bias would be more on the upside, because that is where the market is moving with ease and that is where possibly money will be made, says Mitesh Thacker. We do not have any signal of a negative trend. So as long as we are above 6230-6220, we will maintain a positive bias, but again from a stock-specific, or entry point of view, it will be more of a wait and watch approach and we will be more cautious than what we have been taking for the last few days, he adds.

NIFTY 3-Month

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