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Market Report

Friday, 14-Feb-2014

NSE

  • The Nifty ended at 6,048.35, up 47.25 points or +0.79 per cent. It touched a high of 6,056.40 and a low of 5,984.60 in trade today. The S&P BSE Sensex closed at 20,366.82, up 173.47 points or +0.86 per cent. It touched a high of 20,391.95 and a low of 20,149.01 in trade today.

  • The Nifty staged a strong comeback in the last hour of trade on the back of short coverings ahead of the interim Union Budget. While the event will be a vote-on-account for two months, there are expectations that the finance minister may surprise with fiscal deficit figures. Analysts say the finance minister P Chidambaram is likely to meet the fiscal deficit target of 4.8 per cent of GDP for FY14, which he has defined as the "red line".

  • The easing WPI inflation also raised hopes that the Reserve Bank of India will not hike rates at its next meet. Other data points such as CPI inflation, trade deficit data and strong guidance US Federal Reserve have been positive for the markets. However, outflows of funds have been hurting the Indian markets.

  • Markets witnessed significant volatility during the start of the week before gradually settling down towards the end. Foreign institutional investors (FIIs) continued to remain net sellers in domestic equity, selling Rs. 344.5 crore worth of shares this week, as per data from SEBI. Going ahead, the markets will keep a tab on the Interim Budget for 2014, or Vote-On-Account, to be tabled in the Parliament on Monday.

  • At the global level, there were no surprises from the US Federal Reserve that decided to continue the taper of the bond-buying programme as per the schedule announced earlier in December.

NIFTY 3-Month

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