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Market Report

Tuesday, 04-Mar-2014

NSE

  • The BSE Sensex ended 263.08 points higher or +1.26 per cent higher at 21,209.73 today. The 50-share Nifty index rose 76.50 points or +1.23 per cent to close at 6297.95 today after media reports said that Russian President Vladimir Putin has ordered troops to return to their bases.

  • The Nifty also managed to touch its crucial level of 6300 for the first time since January 24, aided by rally in frontline stocks. Following the momentum, as much as 138 stocks rose to their fresh 52-week high.

  • According to analysts, markets looks stable on fundamental basis and any dips should be used buy into markets as from global perspective India looks comparatively better than other emerging markets. Given what is happening to other emerging markets like Argentina, Turkey, Brazil and now Russia, India could very well be an indirect beneficiary, say analysts.

  • The rupee firmed up against the US dollar and was trading at 61.97 versus Monday's close of 62.04, tracking gains in domestic equity markets. Dealers say the USD/INR pair may move up as it has been unable to break a support of 61.80 on the downside.

  • Globally, Asian shares also firmed up hopes of a possible peaceful solution in Ukraine. Shares in Europe also traded higher on hopes that geopolitical tensions in Ukraine may subside going forward. Meanwhile, global oil and gold prices also eased around 1% after tensions in Ukraine were seen subsiding.

  • In the near term the key deciding factor for markets will be election outcome and till that time markets are likely to trade in a range as markets will find it touch to break out of its key resistance levels on the upside.

  • The Sensex is likely to scale 24,000 mark by December-end on receding chances of a fractured verdict in the upcoming Lok Sabha elections, lower inflation and improving global risk appetite, German brokerage Deutsche Securities said today.

NIFTY 3-Month

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