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Market Report

Thursday, 03-Apr-2014

NSE

  • The Sensex ended the day in the red today, but made a fresh intraday high of 22,620. The 30-stock index closed the day at 22,509.07 down 42.42 points, or -0.19%. The broader 50-share Nifty ended the day at 6,736.10 down 16.45 points, or -0.24%.

  • Except for profit-booking, there seems no other reason at this point in time that could have dampened market sentiment, say analysts. However, rising tensions over Crimea could be a possible reason for the market to turn bearish. NATO on Tuesday announced that the alliance was suspending all practical cooperation with Russia, military and civilian, and that there was no confirmation that Russian troops were pulling back from Ukraine border.

  • Globally, stocks in Japan rose to their three-week high levels, led by gains in construction equipment makers on news that China is taking steps to stimulate its economy, and a weakening currency.

  • Some overbought situations are there on the indicator charts, said Mitesh Thacker. In next few days you might see 1-2 per cent volatility. But again, aggressive buy at lower levels is expected and the way to go forward is to be more stock-specific. The index has lost some momentum on the intraday charts, he adds.

  • All said and done about today's markets, the big question on the Street now is if the current market rally is because of the Modi factor. Most experts have attributed the ongoing rally to 'hopes' of BJP prime ministerial candidate Narendra Modi-led NDA government making it to the Centre; however, some do not agree. They feel that the markets are gaining squarely because of the improving macros such as inflation, current account deficit, and the rupee; and experts are expecting the show to continue on strong possibility of an economic rebound of sorts.

  • Equities have witnessed significant rise in the 1st quarter of this year and the results of the General Election could further provide a boost. Though the outcome of the general elections will offer a short-term boost to the market, a sustained rally will be determined by the economic data, according to a JP Morgan Asset Management report.

NIFTY 3-Month

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