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Market Report

Friday, 09-May-2014


  • The benchmark Sensex today crossed record 23,000 level for the first time but closed a tad lower at 22,994.23, posting its biggest single-day gain of 650.19 points, or +2.91 per cent, since September 2013, on strong FII buying in banking, auto and power stocks ahead of election results next week. In intraday trade, the 30-share BSE barometer scaled its all-time high of 23,048.49 points as ICICI Bank, Tata Motors and Reliance Industries spurted, and bolstered by a runaway rally in the banking stocks.

  • The broad-based Nifty of the National Stock Exchange too spurted by 198.95 points, or +2.99 per cent to settle at record closing of 6,858.80 today. It touched an all-time intra-day high of 6,871.35 points, breaching previous record of 6,869.85 reached on April 25. Both the indices posted their biggest single-session gains since September 19, 2013.

  • The TV interview of Narendra Modi on Thursday, in which he exuded confidence that the BJP would win with a clear majority and form the strongest and most stable government since Rajiv Gandhi's time, would have pumped up the sentiment. The exit poll results which are set to kick in starting 1630 hours on Tuesday and are expected to point to a decisive mandate in favour of the opposition, would have also contributed to the momentum.

  • Buying activity gathered momentum as funds and investors were seen creating positions before the outcome of ongoing general elections next week. Well-heeled traders are said to have managed to get a sense of the poll result forecasts by such agencies well in advance. An exit poll forecast, which market operators claim is a well-known agency, suggested Bharatiya Janata Party-led National Democratic Alliance (NDA) would secure 260-270 seats, helping them form the next government.

  • On the global front, Asian markets end mixed following subdued Chinese inflation data. The European indices were also weak in mid-day trades as Ukrainian pro-Russian secessionists plan to continue with a referendum this weekend.

NIFTY 3-Month

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