IntradayTrade dot Net dot IN
Market Report

Thursday, 17-Apr-2014


  • After rallying as much as 371 points in trade, S&P BSE Sensex finally closed 351.61 points higher or +1.58 per cent at 22,628.84 today. It hit a low of 22,312.19 and a high of 22,648.69 in intraday. The Nifty managed to reclaim its crucial psychological level of 6700, closing at 6779.40 today, up 104.10 points, or +1.56 per cent.

  • The markets resumed their election-led euphoria, after the brief interlude in the past three trading sessions, led by secular buying in index heavyweights and a rebound in the hitherto-beaten IT stocks. The statement by global credit rating agency Standard & Poor's that it may upgrade India's rating outlook if the government that is elected next month addresses some of the country's fiscal and economic challenges through steps such as passing a goods and services tax, may have contributed to the optimism.

  • Globally, Asian shares crept higher today after the US industrial production increased more than forecast in March and dovish comments from the head of the US Federal Reserve lifted Wall Street. Key benchmark indices in China, Indonesia, Hong Kong and Taiwan were up. However, European stocks dipped in early trades as disappointing earnings from US tech heavyweights Google and IBM dampened the previous session's upbeat tone.

  • In a different development, The Reserve Bank of India has successfully sold government bonds worth Rs 20,000 crore in the country's largest ever auction held on Thursday. The central bank offered attractive yields for long-term maturities of 8-29 years. While banks and primary dealers or PDs bought relatively shorter-term securities maturing in 2022 and 2027, long-term investors such as Life Insurance Corp. of India heavily bought securities to be redeemed in 2030 and 2043. LIC is estimated to have invested around Rs 5,500 crore in such debt.

  • The stock market has a long weekend ahead as the markets are closed on April 18 due to Good Friday.

NIFTY 3-Month

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