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Market Report

Monday, 07-Apr-2014


  • Sensex, the 30-stock index closed the day at 22,343.45; down 16.05 points, or -0.07%. The broader 50-stock Nifty ended in the green at 6,695.05; up 0.70 points, or +0.01%. The market closed so flat that one index closed red while the other ended in the green.

  • Benchmark indices are facing some bit of pressure after rallying over 6 per cent since March and ahead of general election results on May 16. The BSE Sensex rallied a little over 1,100 points, or nearly 6 per cent, since March; while Nifty rose over 6 per cent, or over 400 points, as of data collected on April 4.

  • Meanwhile, polling for Lok Sabha General Elections 2014 started from today and will end on May 12. Most experts are of the view that Nifty is likely to consolidate in a range ahead of the results and may face some some pullback upto levels around 6,500-6,500. Investors should use these pullbacks to build positions or accumulate quality stocks on dips, they suggest.

  • Globally, Asian markets ended lower with Nikkei witnessing a sharp fall to end 1.7% lower. Other markets in the region also closed lower. China's stock markets were closed for trading today.

  • Markets are set for a pullback prior to election results, says Sanjay Dutt of Quantum Securities. For the next two-three days, we will probably see the last hurray and thereafter a pullback to the 6600 or the 6500 area. From then on, the election results will drive the market, he adds.

  • Wait for some more correction in the market to get into stocks, says Yogesh Mehta of Motilal Oswal Securities. On the technical front, there is a strong resistance level at 6750-6760 in the spot Nifty. So if there is any retracement that we are looking at, at least 6550 to 6600 band which the market can correct up to post this consolidation of last whole week and today as well the market was in a positive territory, but again slipped into the red by 25-30 points, he adds.

NIFTY 3-Month

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