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Market Report

Wednesday, 09-Apr-2014

NSE

  • The Indian benchmarks indices witnessed heavy buying activity in last half hour of trade and closed at all-time closing highs on the back of strong gains in banks, pharmaceuticals, metals and capital goods sectors. The S&P BSE Sensex zoomed nearly 400 points in trade on Wednesday to touch its fresh record intraday high of 22,740.04, while the 50-share Nifty index managed to rise 113 points to hit its fresh record intraday high of 6808.70. Both benchmark indices closed at their respective fresh record closing highs.

  • The 50-share Nifty index finally ended at 6,796.20, up 101.15 points or +1.51 per cent. It touched an all-time high of 6,808.70 and a low of 6,705.10 in trade today. The S&P BSE Sensex closed at 22,702.34, up 358.89 points or +1.61 per cent. It touched all-time high of 22,740.04 and an intraday low of 22,379.95 in trade today.

  • Globally, the strength witnessed across the Asian and European Streets would have triggered a rebound after a sluggish start to the day's proceedings. The European indices, including the CAC, DAX and FTSE, jumped more than a per cent each in mid-session trades. On the Asian front, all the indices ended in the green, with the exception of Nikkei index which stumbled -2.1% to a three-week low.

  • As per experts if the election outcome is as expected or better than expected then we will see a big move post 16th May. However, prior to election results and election rounds, the markets are set for a pullback, say analysts.

  • With this kind of push coming in and with the broader market also participating strongly alongwith Bank Nifty, I would say that Nifty might moveup further for next four-five days and levels of 6,950-6,960 can be tested on the upside, said Mitesh Thacker. The breadth has improved drastically and lots of individual smaller stocks have given breakout. As far as taking profits is concerned, I would just holding for another five-six trading sessions as the Nifty clearly shows strength at current levels, he added.

  • We believe that there are already trends of improvement in economic growth and corporate profitability; currency and inflation has been kept under control, fiscal deficit has also improved. We believe that a likely BJP-led NDA government could provide a fillip to the economic growth and corporate profit trajectory, which could aid further re-rating of the markets, said Motilal Oswal in a resent report.

NIFTY 3-Month

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