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Market Report

Wednesday, 02-Apr-2014

NSE

  • Nifty, the 50-share index, ended at all-time closing high at 6,752.55 today, up 31.50 points or +0.47 per cent. It touched an all-time high of 6,763.50 and a low of 6,723.60 in intraday trade today. The S&P BSE Sensex also ended at record closing high of 22,551.49, up 105.05 points or +0.47 per cent. It touched an all-time high of 22,592.10 and an intraday low of 22,473.46 in trade today.

  • The Nifty extended its winning streak for tenth straight session and closed at an all-time high on the back of strong inflows from foreign institutional investors. We also see a marked increase in retail participation in the stock market. See our 'Market Statistics' page.

  • Globally, Asian stock markets rallied today following a mixed bag of global economic data from the region. Trading was cautious, though, ahead of Thursday's meeting of the European Central Bank and Friday's US jobs numbers, both of which could move markets in major ways.

  • With the business environment showing improvement in the US and Europe, the main export markets, Indian IT companies should record higher volume growth, says Mrinal Singh of ICICI Prudential Mutual Fund. Since IT firms get more than half their earnings from overseas markets, direction of the rupee is significant to analysts. The rupee has appreciated to 59.91 against the US dollar from levels of 62 in the last one month on expectations that a stable government at the Centre will attract large foreign inflow. However, experts believe that there is limited room for a sharp appreciation. For one, high crude oil imports would constantly put pressure on the rupee.

  • Stock market rally due to strong economic fundamentals, says Anand Sharma, Senior Congress leader and Commerce and Industry Minister. The benchmark indexes today set new closing highs for the sixth day in succession on the account of persistent foreign capital inflows and positive global cues. Drawing a comparison with NDA regime, Sharma said that during the UPA-II tenure, India's exports trade grew by five times and FDI inflows increased by 15 times.

NIFTY 3-Month

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