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Market Report

Wednesday, 14-May-2014

NSE

  • Sensex, the 30-share index, ended at 23,815.12, down 56.11 points or -0.24 per cent. It touched a high of 23,904.23 and a low of 23,753.36 in trade today. The Nifty ended absolutely unchanged at 7,108.75 today. It hit a high of 7,142.25 and a low of 7,080.90 in trade today.

  • The Nifty has closed unchanged after nine years - Earlier on June 1 2005, the benchmark index had closed unchanged at 2,087.55 points. The stellar rally in our markets came to an end after four days as bulls took a breather ahead of the 16th Lok Sabha elections results on May 16. According to analysts, if the results are in line with exit polls, the next leg of rally will resume soon.

  • The markets remained lacklustre on Wednesday and traded flat in absence of domestic and global cues. Volumes, however, were below yesterday, but more than average. The total cash market turnover on NSE declined 10.7% to Rs 19,794 crore on Wednesday, as against Rs 22,162 crore in the previous session.

  • Don't expect a 'spectacular rally' on Friday the 16th, say analysts. If the NDA does come to power but with seats lower than market expectations, we may see some bit of profit booking, say experts. The runaway rally seen so far on the benchmark indices will only extend marginally even if a stable business-friendly government comes to power on May 16, because most of it is already factored in, they say.

  • Investors should stay away from markets till election results, says Raamdeo Agrawal of Motilal Oswal. Right now, markets are only speculating about the election results on May 16. What is going to happen on May 16 or 17 is a tough call to make. I won't advise anyone to speculate between now and May 16, as one can get hurt also. If there is a fractured mandate, with the NDA bagging around 220 seats, then the markets will be in shock, he adds.

  • Markets are in for exciting times even post polls, says Dipan Mehta, Member BSE and NSE. We are in volatile times. It is so difficult to predict the short-term movement, but one assessment is clear that the markets have discounted an NDA victory and majority, but have not discounted the BJP majority. So, if the BJP by itself gets beyond 270 or thereabout, then you will see the markets moving up further from the current levels. At the same time, if the NDA ends up getting less than 260 or 250 seats, then you would definitely see a correction from these levels. That is the simple equation which is quite apparent from what we have seen over the past four-five trading sessions, he adds.

NIFTY 3-Month

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