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Market Report

Friday, 27-Dec-2013

NSE

  • Sensex, the benchmark BSE index closed up 118.99 points or +0.56 percent at 21,193.58 today, gaining +0.44 percent for the week. The broader Nifty ended higher by 34.90 points or +0.56 percent at 6,313.80 today, marking a +0.47 percent gain for the week. That marked the second consecutive weekly gains for both indexes as technology stocks extended a rally this year after data continued to signal a sturdier US economy.

  • On the global front, most Asian share markets notched up gains on Friday after another powerful performance by Wall Street, while Japanese economic data impressed and the dollar briefly broke the 105 yen barrier for the first time in five years.

  • The rupee was off lows in afternoon trades due to dollar sale by state-run banks on behalf of the RBI. The rupee was trading at Rs 61.91 compared with previous close of Rs 62.16 per dollar.

  • The market does not look very shaky or negative, says Mitesh Thacker. The only thing which is possibly preventing a big breakout in the upside is not a strong participation of the Bank Nifty and Reliance. However, if these two can join in then we might see 6,350-level being taken out, he says.

  • As long as the US market continues to hit fresh highs, all the export led sectors will make fresh highs, says Ashwani Gujral. It is like the 1999-2000 market where Nasdaq was hitting new highs and all the IT stocks were doing well. The Nifty or Bank Nifty will not be able to gain as much as people would like because Reliance and a lot of the private sector banks are not participating, he adds.

  • The small- and mid-cap space is likely to make a comeback after two years of underperformance, say experts. BSE mid- and small-cap stocks have underperformed the benchmark index so far in the year 2013. We are talking of the Nifty moving to levels of 6,800-7,000 which could push some of the large-cap stocks moving possibly 15-18 per cent, but if you look at the mid-caps and the small-caps you can actually see them moving about 30 per cent-plus, says Ambareesh Baliga of Edelweiss Financial Services.

NIFTY 3-Month

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