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Market Report

Monday, 17-Feb-2014

NSE

  • The BSE 30-share Sensex moved most of the day in positive terrain in a range of about 150 points before settling at month's high of 20,464.06, up 97.24 points or +0.48 per cent. The 50-share CNX Nifty of the NSE also rose by 24.95 points or +0.41 per cent to close at 6,073.30 today, on hopes that tax concession proposals announced today in the interim budget will boost economic growth. The Sensex touched a high of 20,492.43 and a low of 20,338.95 in trade today. The Nifty touched a high of 6,080.65 and a low of 6,038.30 in trade today.

  • The government's fiscal prudence also supported the day's gains. Brokers said investors cheered Finance Minister P Chidambaram saying that fiscal deficit for the ongoing financial year will be contained at 4.6 per cent, current account gap will be capped at $45 billion and net borrowing for 2014-15 would be lower than FY'14.

  • Markets gained in late trades to end higher after the Finance Minister P Chidambaram forecasted GDP growth rate of atleast 5.2% in the last two quarters of the current fiscal. On GDP growth, Chidambaram today said the economy is more stable than what it was two years ago following several steps taken by the government and that the growth will be higher in the second half of the fiscal. Excise duty cuts have been announced for sectors facing the major brunt of the slowdown...positive for the automotive sector, capital and consumer durables goods.

  • The Rupee continued to trade firm in late noon trades after Finance Minister P Chidambaram said in the interim budget that current account deficit (CAD) will be contained at $45 billion this financial year, well below the record high level of 2012-13. The Rupee was trading at Rs 61.86 compared with Friday's close of Rs 61.93 per dollar.

  • Interesting point to note today is that FIIs have turned net buyers bu a good margin in a market where most traders preferred to stay away. Volumes were, expectedly, very low today.

  • Globally, Asian stocks closed up after China's new credit increased to a record in January, boosting optimism the world's second-largest economy can maintain its growth momentum. Indices in China, Hong Kong, South Korea, Taiwan, Japan and Singapore rose +0.07-1.07 per cent range. European markets were trading higher in their early trade as indices in France, Germany and the UK firmed up in +0.09-0.95 per cent range.

  • Our market has been holding out very well despite a sharp sell-off seen in other emerging markets and FIIs turning net sellers. The 5,970 level on the Nifty has been the range for the last three to four months. Most experts are of the view that the benchmark indices are likely to remain in a range through the year, while the real money can only be made in individual stocks.

NIFTY 3-Month

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