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Market Report

Friday, 07-Mar-2014

NSE

  • Indian markets wrapped up the week in style today with the Sensex zooming to a new closing high of 21,919.79 and the Nifty galloping to yet another record close of 6,526.65 as FIIs continued to pump in dollars and repose faith in an economy that is showing signs of stability ahead of general elections. The Nifty gained 4 per cent and the Sensex rose nearly 800 points or 3.79 per cent this week.

  • The BSE benchmark Sensex touched a lifetime intra-day high of 21,960.89 before settling at 21,919.79 today, a sharp rise of 405.92 points or +1.89 per cent. Yesterday, it had closed at 21,513.87, surpassing previous closing high of 21,373.66 set on January 23, 2014. Among the 30-Sensex components, 22 scrips ended higher while remaining eight closed lower. Overall, 149 stocks today touched their 52-week high on the BSE.

  • The NSE 50-share CNX Nifty also rose by 125.50 points, or +1.96 per cent, to end at a new closing high of 6,526.65 today. It today hit a lifetime high of 6,537.80 in intraday, crossing its previous record of 6,415.25 hit on December 9, 2013. Overall market breadth, however, was marginally negative as small-cap and mid-cap stocks attracted profit-booking.

  • Marketmen said that decline in current account deficit (CAD) and easing inflation has fuelled expectations that the economy may see a turnaround soon. It was broadly on the hope that the pre-election rally fuelled by foreign funds, along with an increased participation from retail investors, will drive markets higher in the near-term. Investor wealth ballooned by Rs 85,000 crore today.

  • A private survey which confirmed a BJP-led government coming to power in the coming general elections seems to have vindicated persistent buying by foreign institutional investors over the past fortnight. Aggressive buying by Foreign Institutional Investors (FIIs) mainly helped the benchmark indices rise for the fourth day in a row. Yesterday, they bought shares worth Rs 1,272.93 crore, and today the BUY figure was a whopping Rs 2,577.44 crore, as per provisional data. See our 'Market Statistics' page.

  • The Rupee was trading higher at Rs 61.07 to the US dollar compared to its previous close of Rs 61.11. The Rupee had gone below 61 briefly in intraday today. Sharp gains in equities for the second straight session boosted sentiment for the Indian currency.

  • Expect markets to be volatile in short term, says J Venkatesan of Sundaram Mutual. Though the index is at an all-time high, 80% of the stocks are down. The index has moved up because of 20% stocks moving up, maybe three times since 2007. The remaining 80% of the stocks moved down by 45-50% during this period. So it offers a lot of alpha opportunities for the discerning investors. So we are quite positive, he adds.

NIFTY 3-Month

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