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Market Report

Monday, 31-Mar-2014

NSE

  • The 50-share Nifty index ended at all-time closing high of 6,704.20 today, up 8.30 points, or +0.12 per cent. It touched an all-time high of 6,730.05 and a low of 6,662.40 in trade today. The S&P BSE Sensex closed at 22,386.27, up 46.30 points, or +0.21 per cent. It touched an all-time high of 22,467.21 and an intraday low of 22,253.78 in trade today.

  • Markets closed FY14 on a triumphant note with both the benchmark indices reporting their sharpest rally in past four years during the financial year 2013-14 aided by supportive global cues and continued buying by foreign institutional investors (FII's) on expectations of a Narendra Modi led government at the Centre post elections.

  • For the financial year 2013-2014, the Bombay Stock Exchange's benchmark S&P BSE Sensex gained +18.9% at 22,386. The National Stock Exchange CNX Nifty ended the fiscal with a +17.9% gain at 6,704.

  • Meanwhile, the Indian Rupee has appreciated strongly in the last few trading sessions, largely due to strong inflow of foreign funds in to Indian equities on back of positive sentiments both on economic front and anticipated political scenario. Positive data on Current Account Deficit along with fiscal deficit is one of the major factors boosting prospects for the Indian rupee. Selling of dollars by exporters and custodian banks is also acting as a positive factor for the domestic currency. There are reports that the central bank doesn't want the rupee to appreciate and hence is intervening to buy US dollars.

  • Globally, Asian stocks were up slightly in a cautious start to the week on Monday, with investors holding out hopes that China would take steps to stimulate the economy. European markets were largely flat today.

  • Outlook for the markets remains positive, say experts. The uptrend is likely to continue in the near term as India is better placed as investment destination than other emerging markets, they say. The Nifty is in unchartered territory and is hovering around 6,700 level. Once this level is taken out convincingly, the chances become bright for the index to test 7,000 levels well before the election verdict is out, say experts.

NIFTY 3-Month

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