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Market Report

Friday, 28-Mar-2014

NSE

  • Both benchmark indices, Sensex and Nifty, managed to scale fresh highs on the first day of April series. The S&P BSE Sensex rallied about 150 points in trade to hit its fresh record high of 22,363.97, while Nifty surged to hit its fresh record high of 6,702.60 in intraday trade. The 30-stock Sensex index closed the day at 22,339.97 today, up 125.60 points, or +0.57%. The broader 50-share Nifty ended the day at 6,695.90 today, up 54.15 points, or +0.82%.

  • Indian markets have been on a roller-coaster ride so far in the month of March backed by steady inflows by foreign institutional investors which have pumped in close to $2.5 billion so far in the month. Riding the momentum, the 50-share Nifty index which rallied a little over 5 per cent in March series may very well scale above 6700 levels decisively. Analysts are not ruling out 6,900 target on the Nifty post elections, if there is positive election outcome.

  • Adding to the positive sentiment was the gain in Rupee which was quoting at an eight month high at 59.88.

  • Expect 7-8 per cent earnings growth for broader markets, says Neelkanth Mishra of Credit Suisse. I do not think the market is particularly cheap, but yes, it is not expensive either. In my view, we should be positive on India irrespective of the elections and I do not think elections matter as much as the market thinks they do, he adds.

NIFTY 3-Month

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