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Market Report

Friday, 02-May-2014

NSE

  • Sensex, the 30-share index, closed at 22,403.89 today, down 13.91 points or -0.06 per cent. It touched a high of 22,575.62 and a low of 22,386.95 in intraday trade today. The Nifty ended at 6,694.80 today, down 1.60 points or -0.02 per cent. It touched a high of 6,737.65 and a low of 6,689.50 in intraday trade today.

  • Market concluded today's rangebound trades by registering marginal losses as sentiment turned sombre after data released today showed that manufacturing activity remained stagnant in April in world's third biggest economy. It was a fifth consecutive negative closing as the market consolidates ahead of poll results slated to be released on May 16. Investors turned focus towards broader markets for better opportunities. Most major sectoral indices ended in the red with capital goods, metals and power leading the decline.

  • Globally, stocks remained lackluster as investors remained wary of the US April nonfarm payrolls report slated to be released late Friday. Investors also remained cautious over escalating tensions in Ukraine. Europe and Asian markets remained mixed. The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4%. China's markets were closed on Friday. Hang Seng was up while Nikkei and Straits Times were down.

  • Tech stocks are going to benefit, says Ashwani Gujral. I think buying in them can continue till the 9th or 10th of this month because a lot of the rally that we have seen in cyclicals is kind of a hope-fuelled rally. And while it is nice to be hopeful, you would be much better off trying to enter stocks which have corrected and will benefit from a stable government, he adds.

NIFTY 3-Month

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