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Market Report

Thursday, 20-Mar-2014


  • The 50-share index ended at 6,483.10 today, down 40.95 points or -0.63 per cent. It touched a high of 6,523.65 and a low of 6,473.25 in trade today. The S&P Sensex closed at 21,740.09 today, down 92.77 points or -0.42 per cent. It touched a high of 21,853.25 and a low of 21,704.66 in trade today.

  • The Nifty extended intraday losses and closed near intraday lows as sentiment in global markets turned bearish following announcement of further tapering of stimulus package by the US Federal Reserve.

  • Globally, market participants world over didn't take kindly to US Federal Reserve Chair Janet Yellen's comments to increase interest rates earlier than expected. Stocks in Japan slumped to a six-week low on Thursday after sparking a sell-off in equities.

  • Expect market upside to be limited for next 5 to 7 sessions, says Yogesh Mehta of Motilal Oswal Securities. On a technical front, we have all done 6560 as a double top for the market and still we are struggling. The markets right now are just trying to find their way out, because all the major data from the FOMC meet and so on are out and we are just waiting for the expiry and for making new entries or the exits on the basis of the election outcome.

  • The BSE Sensex has risen 3 per cent this year, with foreign investors pouring in nearly $2 billion so far this year, after ploughing in more than $18 billion last year. According to a Reuters poll of 23 equity analysts, the Sensex is likely to hit 23,000 by the end of June. It is then expected to hit 24,500 by the end of 2014, a 12 per cent gain from Wednesday's close of 21,832.86.

NIFTY 3-Month

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