IntradayTrade dot Net dot IN
Market Report

Wednesday, 30-Apr-2014

NSE

  • The BSE barometer Sensex closed with a loss of 48.39 points, or -0.22 per cent to 22,417.80 today. The gauge had lost 410 points in the previous three sessions. The broad-based Nifty of the National Stock Exchange lost 18.85 points, or -0.28 per cent to settle at 6,696.40 today. During the session, Nifty shuttled between 6,780.15 and 6,656.80.

  • Stock markets had opened on a strong note with the 30-scrip Sensex touching a high of 22,680.46 points in early trade. However, profit booking in late afternoon session in metal, capital goods and banking stocks pulled the index down to the day's low at closing, extending losses for the fourth day in a row. The Nifty ended today just short of the technically important area of 6680-6660.

  • Investors and foreign funds were booking profits after the market climbed to all-time high on Friday and adopted a cautious approach before the Lok Sabha election results, brokers said. A weakening trend in the Asian region and lower opening in Europe as investors weighed the Bank of Japan refrained from expanding stimulus, further influenced the sentiment, they said. Also, a two-day meeting of the US Federal Open Market Committee (FOMC) on monetary policy review concludes today, 30 April 2014.

  • Globally, Asian shares were mixed, while the European shares have lost ground in mid-day trades after sharp gains in the previous session as tensions in Ukraine continued to dog sentiment.

  • Traders will look to book some profits before poll results, says Yogesh Mehta of Motilal Oswal Securities. We have seen a good run-up in last few months. We have seen a 300-point rally on the Nifty. But here it seems that before the May 16 poll result, there will be a note of caution for the traders' community and they would be looking at booking some profits and keeping a little bit of cash with them. We will see a subdued kind of market; at least the upside will be capped for the next few sessions, he adds.

  • Narendra Modi factor hasn't fully played out in market, says Sanjay Sinha of Citrus Advisors. We have a certain amount of apprehension that we might not have a very clear mandate in favour of any coalition. If it happens otherwise, it is quite likely that the Nifty might go to the levels of 7000 or thereabouts in the near future, he adds.

  • Our stock markets are closed tomorrow, May 1, 2014, on account of May Day.

NIFTY 3-Month

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