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Market Report

Monday, 10-Mar-2014

NSE

  • The benchmark Sensex today hit a lifetime high of 22,023.98 and ended at yet another record close of 21,934.83 with a modest gain of 15.04 points, or +0.07 per cent, extending the winning run to the fifth day, aided by overseas investor interest in capital goods, realty and banking shares. The BSE Sensex today surpassed the previous record of 21,919.79 set on last Friday. In five days, it has gained 988 points. The NSE Nifty also closed at a new peak of 6,537.25 by adding 10.60 points, or +0.16 per cent. It hit all-time high of 6,562.20 during the day.

  • Positive global cues, optimism ahead of upcoming elections and FIIs buying is leading to sustained momentum in the index, said experts. Overseas investors have remained net buyers for the past three weeks and have helped in pushing up key indices by nearly 4.5 per cent since February 26, said traders. Brokers said the market remained in a bullish mood as recent reports have shown the economy is on recovery mode.

  • The Rupee was last trading higher at 61.01 versus its close of 61.08 on Friday. Globally, Asian stocks ended lower on Monday as investors booked profits after surprisingly weak Chinese trade data and concerns over the crisis in Ukraine.

  • Nifty could correct by 50-70 points, advise investors to buy on dips, says Sandeep Wagle. We may have intraday corrections which should be bought into, according to me, and over the next week, or probably two, I would look at the levels of 6700 with an outside chance of it touching 6750, which is a clear 200-point upmove from the current levels, he adds.

  • Pre-election market rally on its last leg, says Sudip Bandyopadhyay of Destimoney Securities. To a great extent the rally looks complete. There may be a 30-40-point upmove still left, but to a great extent the rally is done, he adds.

  • What remains to be seen is how convincing the majority is, says Gaurang Shah of Geojit BNP Paribas Financial Services. My understanding is that given the run-up that we have already seen, we will see some consolidation and profit booking. On the domestic front, you do not have many data points to look forward to, he explains.

  • On the domestic front, Industrial production data for January will come out on Wednesday. The consumer price index (CPI) for February will be announced on Wednesday, while data for inflation based on the wholesale price index (WPI) is due on Friday. These macroeconomic data releases are key ahead of the Reserve Bank of India's monetary policy review on April 1.

NIFTY 3-Month

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