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Market Report

Friday, 04-Apr-2014

NSE

  • Nifty, the 50-share index ended at 6,694.35 today, down 41.75 points or -0.62 per cent. It touched a high of 6,741.85 and a low of 6,685.15 in intraday trade today. The S&P BSE Sensex closed at 22,359.50, down 149.57 points or -0.66 per cent. It touched a high of 22,525.21 and an intraday low of 22,339.40 in trade today.

  • The Nifty closed in the negative territory for second consecutive session as investors chose to shift focus to broader markets after a sharp upmove in benchmark indices. Markets edged lower on the last trading day of the week as investors took profit in most blue-chip stocks after nine consecutive days of record highs. This cautious move came ahead of the key US jobs data later in the day.

  • Also, market participants were reluctant to hold on to their positions, ahead of general elections scheduled to start next week.

  • The rupee was last trading at 60.22 versus its close of 60.1650/1750 on Thursday, tracking weakness in local shares. Dollar demand from importers also hurt.

  • Globally, Asian markets put discretion before valour today as investors counted down the final hours to the US jobs report, while the euro nursed a grudge after the European Central Bank postponed any decision on rate revision, opening the door to more aggressive easing, but not just yet. With virtually no major data of note due in Asia, moves were minor across the region. In Europe, all the major indexes gained slightly.

  • After 10-days of continuous uptick and after making a historical high both on the Sensex and the Nifty, it is only prudent to expect a small bit of correction and consolidation so that you make a strong base before the earnings season and of course before the biggest ever event in the Indian election history as of now, that is the second-third week of May when we will have a new government in place, says Gaurang Shah of Geojit BNP Paribas Financial Services.

  • We expect Nifty to move closer to 6800 before polls, says Piyush Garg of ICICI Securities. The market is moving up on huge economic promise ahead of us after the formation of a new government and if that thing pans out, it is possible and some stocks are still trading 40-50% from their life highs whereas the market is trading at a life high plus. When the Nifty was closer to 6000 or something, we always had this view and we have been advising that the market is expected to move up. Our target has been closer to 6800 till the elections and after the election, it is anyone's call, he adds.

NIFTY 3-Month

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