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Market Report

Monday, 24-Feb-2014

NSE

  • The S&P BSE Sensex ended at 20,811.44 today, up 110.69 points or +0.53 per cent. It touched a high of 20,828.63 and a low of 20,637.30 in trade today. Nifty, the 50-share index closed at 6186.10 today, up 30.65 point or +0.50 per cent. It touched a high of 6,191.85 and a low of 6,130.80 in trade today.

  • Indian shares rose for a second straight session today to their highest closing in a month as blue chips gained on continued optimism about foreign investor buying despite rising global uncertainties. Tracking the momentum, the 50-share Nifty index also surged above its crucial psychological level of 6170-6180, supported by gains in capital goods, banks, healthcare and FMCG stocks.

  • The Rupee extended gains and was trading higher at Rs 61.98 against the US dollar compared to its previous close of Rs 62.12. Gains in equities helped improve sentiment.

  • Globally, Asian shares ended lower on Monday. Shares in Hong Kong and mainlaind China fell sharply with property stocks losing the most amid talk that banks have halted extending credit to real estate firms. European shares were trading weak in early trades after discouraging outlook for 2014 by German auto major Volkswagen and tracking weakness in China's stocks. US stocks opened slightly higher, led by energy and healthcare shares, with S&P nearing resistance at its record high set last month.

  • Expect markets to rally going into general elections 2014, says Varun Goel of Karvy Private Wealth. We believe that we would see a pre-budget kind of rally. Of course the magnitude of that is difficult to predict, but if you take the average of the last six general elections, we have seen that in the three months going into the elections, there had been almost 8% to 9% uptick in equity markets, he points out.

  • Nifty to stay between 6100-6300, movement to be more stock-specific, says Sandeep Wagle. At lower levels, I had a view that the market will bounce back, though 6250-6260 is where the Nifty may get stuck. We may not break 6300 and on the downside, we will not also let go of the support of 6100. So broadly, 6100 to 6300 with more stock-specific moves and with the positive bias is how I would sum it up, he explains.

  • The stock market is expected to see volatility this week as traders roll over their positions in the futures & options (F&O) segment and economic growth numbers are released. Some of the other factors that are likely to impact stock market movement in the truncated trading in the week ahead include the GDP data figure that is scheduled to be released on February 28, inflows by foreign institutional investors and global cues. The stock market will remain closed on Thursday on account of Mahashivratri.

NIFTY 3-Month

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