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Market Report

Friday, 21-Feb-2014

NSE

  • Sensex, the 30-share BSE index, which had lost 186.33 points in the previous trading session, recovered 164.11 points, or +0.80 per cent, to end at 20,700.75 today. Intra-day, it moved between 20,599.91 and 20,725.04 range. The 50-scrip NSE index Nifty today regained the key 6,100 level and recouped most of yesterday's losses by rising 64 points, or +1.05 per cent, to end at 6,155.45 today. For the week, the NSE barometer gain 107.10 points.

  • A strong show in global markets helped the benchmark to register its first weekly gain in four weeks. Brokers said trading sentiment was bolstered on increased inflow of foreign funds into domestic markets amid a firming Asian trend. Higher opening in European indices also helped. Japan's Nikkei share average led the gains in Asia with a +2.8% surge. European shares were upbeat too with both Britain's FTSE and France's CAC adding between +0.1% to +0.3%.

  • The rupee was last trading higher at 62.14-a-dollar versus its close of 62.26/27 on Thursday. The pair is expected to hold in a 62 to 62.50 range during the day, dealers say.

  • We were of the opinion that this market is still in the range of 5900-6150 and moving below 5900 is not happening any time soon, says Siddarth Bhamre of Angel Broking. Honestly, as FIIs are not taking major position on either side, so the direction is unclear. But one thing which is emerging is this range is bound to be breached soon and because the direction of the market is unclear, we would play on volatility, he adds.

  • Expect Nifty to be around 6000-6200 levels in near term, says Suresh Parmar of KJMC Capital Market. There is no clear cut policy. The present setup cannot do anything because of the election and therefore people are waiting for some indications from the government or the Reserve Bank, he adds.

  • What looked to be a year of change for Indian markets has been a sour story, with the benchmark index plunging a little over 600 points so far in 2014, say analysts. Going forward, concerns over slowdown in China, further tapering by the US Federal Reserve are few global headwinds which are likely to keep our markets on the edge in the year 2014, but nonetheless we are in much better position than other emerging markets. At home, uncertainty around general elections due in May, slowdown in domestic demand and muted quarterly results are few which may cap gains. We are not out of the woods yet, but in the very near term, we are like in the middle of the calm before the storm perhaps.

NIFTY 3-Month

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