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Market Report

Tuesday, 06-May-2014

NSE

  • Sensex, the 30-share index, had risen by 158 points to a high of 22,602.71 in early trade as FIIs continued to invest in Indian equity markets. However, profit booking in some counters trimmed some of the gains and the barometer closed up by 63.30 points, or +0.28 per cent, at 22,508.42 points, a closing level not seen after April 28. The index gained 41.23 points in the last session.

  • The National Stock Exchange's index Nifty advanced by 15.95 points, or +0.24 per cent, to 6,715.30, after shuttling between 6,743.45 and 6,701.90 in day trade. Nifty closed at one-week high as bluechips led by Reliance Industries, ITC and ICICI Bank gained on sustained buying by funds and retail investors.

  • Brokers said foreign institutional investors (FIIs) continued to show optimism in the Indian stock market and pumped in more funds, boosting sentiment here. They said encouraging fourth quarterly earnings by some more companies also triggered buying activity.

  • Amid hopes of a stable and reform-oriented government after the general elections, foreign investors pumped in Rs 9,600 crore in Indian stocks in April, the eighth consecutive month of inflows, as per latest data. The trend is continuing in May. See our 'Market Statistics' page for more details.

  • Market participants are wary of wild swings expected in stocks on May 16 -- the poll results day, and therefore refraining from taking leveraged bets now, say analysts. Volatility is also expected to set in with exit poll results after May 12, which is the last day of polling. Analysts feel that the big move in the markets may come in from May 13th onwards when the outcome of the exit polls starts trickling in.

  • The recent run-up seen in benchmark indices confirms the fact that the markets are pricing in some probability of the BJP-led NDA government at the Centre. If the exit poll numbers are in favour of NDA, there is a possibility of a sharp up-move while a vice-versa situation could be disastrous for the markets, say analysts.

NIFTY 3-Month

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