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Market Report

Monday, 24-Mar-2014

NSE

  • The BSE Sensex climbed to hit a new intra-day peak of 22,074.34 on the back fo heavy buying. It also ended at a record closing of 22,055.48, up 300.16 points, or +1.38 per cent. Its previous closing peak was 21,934.83 on March 10 while its intra-day peak was 22,040.72 set on March 18, 2014.

  • Nifty, the 50-share NSE barometer also hit a new peak of 6,591.50, before ending at a record close of 6,583.50 -- clocking a gain of 88.60 points or +1.36 per cent as foreign funds bought bluechips led by interest-rate sensitive shares on hopes RBI will hold rates in its upcoming review.

  • Mirroring rise in stocks, Indian rupee hit 60.64 levels against the dollar, amid firming trend in global markets. Investments into Indian shares through participatory notes, a preferred route for HNIs and hedge funds from abroad, surged to the highest level in three months at around Rs 1.73 lakh crore in February, latest data showed.

  • Foreign investors have been particularly heavy buyers during the rally, with net purchases of $1.6 billion of shares so far this month, regulatory data showed. According to regulatory data, FIIs bought a net $495 million in Indian banks, while selling a net $791 million in pharmaceutical and biotechnology shares this month as of March 15. Analysts have attributed the strong interest in banking stocks on the expectations of bounce back in the economy and growing optimism that the Bharatiya Janata Party would win elections due next month given its perception as being more business-friendly.

  • Globally, Asian shares advanced moderately today, choosing to embrace last week's firm performance by global equity markets while remaining fairly sanguine over the Crimea crisis and China's slowing growth. However, European markets after recording their biggest weekly gain in a month last week, started lower today.

  • Let us accept that so far the rally is only there in large cap stocks and once they are done, post the elections maybe, very little will be left on the table in terms of large stocks and then midcap and small caps will pick up, says Ashwani Gujral. The momentum is on your side and till it is on the upside, you should continue to remain long on declines, he advices.

  • Consolidation likely, but market rally is here to stay, says Sudip Bandyopadhyay of Destimoney Securities. The market is moving in a range and then it is taking the next step. This is a very healthy sign. Today's rally was a significant one and after quite some time this kind of a significant rally has been visible in the market. However, I would not be surprised if there is a phase of consolidation for the next few days post today's upmove, he adds.

NIFTY 3-Month

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