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Market Report

Tuesday, 25-Feb-2014

NSE

  • Nifty, the 50-share index closed at 6200.05 today, up 13.95 points or +0.23 per cent. It touched a high of 6,216.85 and a low of 6,176.60 in trade today. The S&P BSE Sensex ended the day at 20,852.47 today, up 41.03 points or +0.20 per cent. It touched a high of 20,912.54 and a low of 20,777.73 in trade today.

  • The 50-share Nifty index managed to close marginally above its crucial psychological level of 6200. According to analysts, being a truncated week, the market was expected to remain volatile ahead of February 2014 F&O expiry on Wednesday. The expiry is scheduled on a Wednesday as the markets will be closed on Thursday due to Mahashivratri.

  • For the day, the Nifty swung within a narrow range of 40 points through the day with the benchmark indices slipping into the red briefly in intra-day trades. The recovery from day lows was aided by the upmove in IT heavyweights, ITC and HDFC counters.

  • The rupee was at 61.95 versus its close of 62.07/08 on Monday, tracking gains in other Asian currencies versus the dollar. Traders will continue to monitor foreign fund flows for direction. The pair is expected to hold in a 61.80 to 62.20 range during the session with importers expected to step in to buy dollars below the 62 mark.

  • Globally, Asian share markets regained some altitude on Tuesday courtesy of a tailwind from Wall Street which sped to historic highs amid more mergers buzz, while gold consolidated its recent rally. The upbeat mood among investors in the United States and Europe at least helped steady markets in China after talk of credit tightening knocked property shares. US stocks opened slightly higher on Tuesday, with the S&P 500 brushing against its record intraday high of the previous session.

  • Expect Nifty to remain in 5800-6400 range in near term, says Hemang Jani of Sharekhan. Broadly for the next month, we think that there is a case for about 150 to 200 points of an uptick in the Nifty, he adds.

  • Till the elections, the markets would be fairly range-bound, says Vikas Khemani of Edelweiss Securities. But at this point of time, investors are buying stocks where the risk-reward is in favour, assuming that even if the election outcome is not so great, we will still be better off if the economic growth resumes from here, he adds.

NIFTY 3-Month

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