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Market Report

Thursday, 10-Apr-2014

NSE

  • Sensex, the 30-share index closed at 22,715.33 today, up 12.99 points or +0.06 per cent. It touched a fresh all-time high of 22,792.49 and an intraday low of 22,644.43 in trade today. The Nifty ended very flat at 6,796.40 with no percentage change. It touched an all-time high of 6,819.05 and a low of 6,777.30 in trade today as the bulls took a breather after a sharp rally in previous session. But this didn't stop the benchmark to hit a fresh all-time high today.

  • India VIX, a key measure of investor's perception of near-term risk based on option prices, rose to near to 7 months highs, to close at 28.7 today. Rising VIX indicates now traders have to be cautious and don't take much leverage position.

  • Meanwhile, the partially convertible rupee rose to 60.08 against the greenback in afternoon trades after slumping to 60.27/28 during the day, from its Wednesday close of 60.14/15.

  • Globally, Asian shares hit five-month highs on Thursday as investors welcomed minutes of the US Federal Reserve suggesting that policymakers will be more cautious towards raising interest rates than markets had thought. In Europe, all major markets are in the green.

  • Now nifty has to hold and close above 6800 to resume up trend, said Chandan Taparia of Anand Rathi Financial Services. On the downside if it sustains below 6750 then a dip may be seen towards 6700-6680 levels, he adds.

  • The rally, which started with large cap names, has now spread to the midcap names as well and given the kind of momentum, given the kind of inflows that we are seeing in the equity markets, 7000 really is not too much of a distant dream, says Tushar Mahajan of Nomura India. It might take a little bit of being rejected from 6930-6950 odd levels two-three times before we get to those levels, but I do not think that is far away, he adds.

NIFTY 3-Month

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