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Market Report

Thursday, 26-Dec-2013

NSE

  • The Sensex, which had lost 68.32 points in the previous session, recovered by 41.88 points, or 0.20 per cent, to end at 21,074.59 today, after touching the day's high of 21,135.85 in intraday. On similar lines, the broad-based National Stock Exchange index Nifty rose by 10.50 points, or 0.17 per cent, to 6,278.90 led by power, consumer durables and banking scrips amid expiry of monthly equity derivatives.

  • Brokers said funds were seen covering their pending long positions on the last settlement in monthly equity derivatives segment of calendar year 2013. The absence of foreign funds yesterday from the market due to year-end holidays affected trading volumes, they added. Today, volumes are much better. See our 'Market Statistics' page.

  • Sugar stocks rose after government today okayed modalities for the beleaguered industry to avail interest-free loans to the tune of Rs 6,600 crore from banks for effecting timely payment to cane growers.

  • The rupee is trading weaker at 61.98 versus its close of 61.79/80 on Tuesday, with dollar demand from oil firms hurting. Traders expect exporters to step up dollar selling around 62-62.05 levels, limiting very sharp gains from current levels.

  • Globally, Tokyo's Nikkei share average climbed to a more than six-year high, driven by buying from retail investors as tax-free investment accounts aimed at driving Japanese savings into stocks kicked off. On the other hand, Chinese shares closed down on Thursday on worries over liquidity conditions after the central bank declined to inject funds into the money market. Hong Kong and European markets were closed for Christmas.

  • Nifty may test 6,700 levels ahead of 2014 elections, feel some experts. If there are not too many interest rate hikes and the global macro remains steady, which I think it should, then pre-poll you could see the market moving up. Gradually, the upper-end of the market can go up from 6,400 to 6,500 to 6,600; may be even 6,700 by the time the polls come around, says Vibhav Kapoor of IL&FS.

NIFTY 3-Month

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