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Market Report

Friday, 14-Mar-2014

NSE

  • After losing 144 points in early trade, the Sensex bounced back to close higher by 35.19 points, or +0.16 per cent, at 21,809.80 today. It had lost 81.61 points in the previous session. The National Stock Exchange index Nifty improved by 11.10 points, or +0.17 per cent, to close at 6,504.20 today, after touching a low of 6,432.70, on fag-end value buying by funds in blue-chip stocks amid inflation softening to nine-month low of 4.68 per cent in February.

  • Ignoring weak global cues, Indian markets staged a smart recovery from day lows, in late trades, to close the week in green. The closing hour gains were led by index heavyweights, mainly in capital goods and realty sectors, and short covering in financial shares.

  • Marketmen said stocks recovered in the last one-hour on value buying in blue-chips available at attractive levels. The upsurge was supported by reports that the inflation fell to nine-month low of 4.68 per cent in February, raising hopes that RBI will cut interest rate.

  • The Rupee is off one-week low on corporate inflows. Pair was last at 61.34/35 versus Thursday's close of 61.17/18 after hitting 61.55. Dealers cited inflows from a large engineering company as well as from a software services company. The pair is up 0.5% so far this week, on way to break two weeks of losses.

  • Globally, Asian shares dropped to a one-month low and the yen pushed higher on Friday, as heightened tension in Ukraine ahead of a weekend referendum sent investors scurrying out of riskier assets. European shares opened lower, putting major regional indexes on course for their worst weekly loss since January.

  • Global factors to keep markets in the 6400-6600 levels, says Sudip Bandyopadhyay. Domestic indicators are good. I do not see them weakening till the election results are out at least. But further upside will depend on global news flow and I do not think global news flow is too positive to sustain a major rally even in India. So the market will keep hovering in this range, he says.

  • Rupee's strength may keep FII flows on, says Siddarth Bhamre of Angel Broking. The way funds are moving into our markets as macro parameters are improving, there is good possibility of further appreciation in the rupee. This would lead to significant short covering in this trade, which, in turn, will be so very positive for FIIs to pump in more money into our markets. This can be a much bigger trigger than election outcome for funds flows.

NIFTY 3-Month

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