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Market Report

Wednesday, 26-Feb-2014

NSE

  • The broad-based National Stock Exchange index Nifty rose by 38.75 poins, or +0.62 per cent, to 6,238.80 led by FMCG and capital goods stocks. The BSE benchmark index Sensex rose for the fourth day today ending 134.52 points higher, or +0.65 per cent, at 20,986.99 on buying in bluechips led by GAIL, ITC and Infosys. Trade volumes increased significantly today with very heavy FII participation.

  • Buying by investors to cover their pending positions on settlement in the derivatives segment helped the barometer touch 21,000 level in day trade after a gap of over one month. The index gained 316 points in the previous three sessions. Brokers said the market remained in bullish mood ever since the government pledged to narrow down fiscal deficit and tax cuts in the interim budget last week.

  • At 61.96, the rupee slightly depreciated by 0.02 points compared to Tuesday's close of 61.94 versus the dollar. Demand for the dollar to meet month-end requirements of importers was the primary reason for this, according to dealers.

  • Major Asian indices remain mixed on Wednesday afternoon as concerns over opaque policy moves in China kept investors on edge. European markets remained marginally down on Wednesday morning trades as investors remained cautious ahead of the release of the second estimate of U.K. GDP data of the final quarter of last year.

  • Expect Nifty to touch 6700 levels as run-up to elections, says Manish Sonthalia of Motilal Oswal AMC. You have seen the markets just showing a fair degree of strength in spite of many uncertainties that are there. So if the markets were to break down below 5950, that will happen only post elections. May be on the day of the results it would be either a very big swing on the downside or a very big swing on the upside, he adds.

NIFTY 3-Month

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