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Market Report

Friday, 28-Feb-2014

NSE

  • The S&P BSE Sensex finally closed +0.63 per cent higher at 21,120.12 today, up 133.13 points. The index hit a low of 20,989.66 and a high of 20,140.51 in trade today. The 50-share Nifty ended up 38.15 points at 6,276.95 today which is higher by +0.61 per cent. The Sensex closed the day near its five week high. The index last closed above 21k was on January 24 at 21,133.56 levels and the Nifty had ended at 6,267.

  • Analysts have been long speculating volatility in the benchmark index ahead of general elections which are due later in the year 2014. Most of them see the BSE Sensex hitting 22000 mark and Nifty rising to 6700 in the run up to elections results. Any dips should be used to buy into the markets, they say. Hopes are building up for stable government at the Centre which will be able to kick start reform process to revive economic growth in Asia's third largest economy, say experts.

  • Recent gains were supported by consistent foreign fund inflow as overseas investors have been net buyers of cash shares in each of the previous 10 sessions.

  • The rupee was trading lower at 62.07 per dollar versus its previous close of 61.98 on Wednesday. Month-end dollar demand from importers is likely to keep the USD/INR pair bid.

  • Globally, Asian markets recovered from their day's lows to end mixed. Japan's benchmark Nikkei ended lower for a third day on Friday as investors turned cautious amid tensions in Ukraine, while appreciation in the yen led to profit taking in shares of exporters.

  • Markets can see 2-3% upside from current levels, says Yogesh Mehta of Motilal Oswal Securities. This rally from 6000 odd levels to 6250 levels today has taken 15-20 sessions. But yes, upward momentum can continue and on the fundamental ground nothing has got to suggest that we are into a bull phase scenario right now. But FIIs are constantly buying. There were a little sell off there, but now there are buying worth 400 to 500 crore per day. So it seems that on technical front also if we cross 6280 levels, we can still see 2% to 3% upside. Otherwise things will remain subdued and remain in the consolidation phase for now, he adds.

  • After market hours today: India's Gross Domestic Product (GDP) was announced to grow at 4.7 per cent for the third quarter of the current financial year, as against 4.8 per cent in the second quarter. This is marginally below the street estimate of 4.8%.

NIFTY 3-Month

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