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Market Report

Monday, 21-Apr-2014

NSE

  • The Sensex rose to all time intra day of 22795.58 before closing up by 135.99 points, or +0.60 per cent, at 22,764.83 points today. On similar lines, the National Stock Exchange's Nifty spurted by 38.25 points, or +0.56 per cent, to close at 6,817.65 today.

  • The BSE benchmark Sensex today gained 136 points to close at all-time high on increased capital inflows driven by robust earnings by bluechips. The current upsurge was in continuation to a rise of 351.61 points on Thursday, and surpassed its previous intra-day record high of 22,792.49 set on April 10.

  • Brokers said the market remained in bullish mood ever since the front-runners Infosys, Tata Consultancy Services and HCL Technologies posted better earnings. Robust earnings by Reliance Industries yesterday also helped. A firming trend in the Asian region and higher opening in Europe on improving global economy further supported the uptrend, brokers said. However, major European stock markets are closed today on account of Easter holiday.

  • Bias of the market remains up, says Ashwani Gujral. So on a daily basis, you should try to buy into the market and maybe hold on. There is a clear alpha that is being created in the PSU space, whether it is banking or oil stock or some other PSUs. That seems to be the current theme, he adds.

  • Expect Nifty to trade in 6700-6850 range in near term, says Sandeep Wagle. There will be some more upside the way we have covered in the later part of the week after seeing two down days. The Nifty will go towards 6820-6830 or probably even 6850, may not be in one or two days, but yes, over the weekend, over the coming week, and 6700 to 6850 would be the range of the Nifty over the next few days or weeks, he adds.

NIFTY 3-Month

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