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Market Report

Wednesday, 08-Jan-2014


  • The 30-share index, which had lost nearly 485 points in five sessions, recovered by 36.14 points, or +0.17 per cent to end at 20,729.38 after moving between 20,786.41 and 20,688.18 in intraday. Similarly, the 50-share NSE index Nifty also moved up by 12.35 points, or +0.20 per cent, to 6,174.60 after touching the day's high of 6,192.10 amid earnings optimism.

  • Brokers said the trading sentiment turned better after investors bought fundamentally strong stocks available at attractive lower levels amid hopes of encouraging quarterly earnings from blue-chip companies. Besides, a firming trend on the other Asian bourses following overnight gains on the US markets on strong trade data, indicating economy is getting back on track, too influenced the trading sentiment, they said.

  • Markets gained for the first time in 2014. Stocks of state-owned Coal India led the recovery by surging 4.77 per cent to Rs 288.75 on reports that company has scheduled a board meeting next week to consider payment of an interim dividend, if any.

  • Foreign institutional investors, who continued to remain sellers for the third straight day on Tuesday with sales of Rs 567 crore, as per provisional data released by the stock exchange, have today reversed the trend and have become marginal buyers. See our 'Market Statistics' page.

  • The rupee strengthened against as strong Asian cues boosted sentiment for the Indian currency. The rupee was trading at Rs 62.13 compared with the previous close of Rs 62.31.

  • Globally, Asian markets rebounded today after encouraging trade data raised hopes of growth in the US. Japan's benchmark index, the Nikkei, was the top gainer in the region.

  • 6150 on the Nifty looks a matter of time, says Ashwani Gujral. As long as we stay below 6220-6230, probably some sort of downside bias remains, but midcaps are acting totally differently and I do not think they are impacted on a day to day basis by the Nifty. The rally is tending to become more concentrated in the smaller stocks, chances are that the momentum is extremely low and if 6150 gets taken out then we could easily give back another 200 points on the downside, he adds.

NIFTY 3-Month

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