IntradayTrade dot Net dot IN
Market Report

Tuesday, 18-Mar-2014

NSE

  • The benchmark Sensex today hit a new lifetime high of 22,040.72 in intra-day but pared gains on profit-booking, amid cautious trading ahead of a US Federal Reserve policy meeting. After climbing to all-time intra-day high during the session, the 30-share Sensex ended higher by just 22.81 points, or +0.10 per cent, at 21,832.61 -- its second straight day of gains.

  • The 50-share NSE index Nifty also surged to mark a new lifetime high of 6,574.95 in intra-day, before closing at 6,516.65, a rise of 12.45 points, or +0.19 per cent. Indices opened on a bullish note on account of positive global cues and also as Ukraine tensions seemed to ease in the near-term.

  • A firming trend in the Asian region and foreign institutional investors remaining net buyers in Indian equities for the third straight week, supported Indian stocks. Meanwhile, global investment bank Goldman Sachs upgraded Indian shares to "overweight" from "marketweight" and raised its target on Nifty to 7,600, citing reduced external vulnerabilities, including a narrowing current account deficit, and potential for gains ahead of elections that conclude in May.

  • The Indian Rupee was trading marginally higher at Rs 61.16 against Friday's close of Rs 61.19 on demand for the dollar from oil refiners.

  • Globally, Asian shares ended firm as concerns over the situation in Crimea seems to have eased for now. European shares continued to trade weak as traders adopted a wait-and-watch stanced over the ongoing situation in Ukraine.

  • Nifty may consolidate around 6500 levels with upward bias, says Sanjay Dutt of Quantum Securities. Within the market, there is a substantial amount of churning. We have already seen technology and some of the pharmaceutical names correcting aggressively over the last two to three weeks, but the index is still in the range of 6500 plus, because the other sectors have caught up and have given support to the market, he explains.

  • We would have an upward bias, but 200-300 points pre-election rally on the index looks a little doubtful, say experts. A rotation is what we are going to see, which is typical of a beginning of a new bull market, but a lot of under-ownership is there across the board in Indian equities and that is going to correct, they add.

NIFTY 3-Month

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