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Market Report

Wednesday, 05-Feb-2014

NSE

  • After a lower start at 20,241.12, the Sensex slipped to 20,076.10 before scripting a recovery in afternoon trade to end at 20,261.03 -- logging a gain of 49.10 points, or +0.24 per cent. The 50-share NSE Nifty rose 21.50 points, or +0.36 per cent, to close at 6,022.40 led by auto and metal shares, amid firming global trends.

  • The Sensex had edged up nearly three points yesterday. Between January 24 and February 3, the BSE index plunged over 1,100 points as the Sensex witnessed falls in six days out of seven. Short covering was initially seen today in banking and capital goods stocks which have been beaten down.

  • The rupee was trading strong in late trades at Rs 62.43 compared with previous close of Rs 62.54 per dollar. The recovery in the stock markets helped the rupee gain further against the US dollar.

  • A mixed trend in the Asia and higher opening in Europe after an overnight surge in the US markets, helped sustain some momentum, brokers said. Asian markets ended mixed with Japan's benchmark share index Nikkei gaining the most. European shares were trading with marginal gains, amid a sluggish start, led by financials. However, further gains were capped as investors adopted a wait-and-watch stance ahead of the US non-farm payrolls data due on Friday.

  • Foreign institutional investors (FIIs), which have been the backbone for Indian markets in the year 2013, are taking money off Indian markets, thanks to rising concerns over growth in China and further tapering by the US Federal Reserve. The S&P BSE Sensex has plunged over 950 points so far in the year 2014 as FIIs turned net sellers of Indian shares in 2014, after buying $20 billion worth of stocks last year. They were net sellers everyday since the beginning of this month. See our 'Market Statistics' page. This is a point of concern. But experts say, things might change after the general elections in 2014.

  • Experts say the current trend indicates that a bounceback maybe in the offing. The index can bounce towards 6,200-6,415 levels from present 6,000 levels," says A K Prabhakar. The index has taken support at 200-DMA which is placed around 5,970 levels on closing basis, he adds.

NIFTY 3-Month

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