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Market Report

Thursday, 22-May-2014

NSE

  • The BSE 30-share Sensex resumed higher and advanced further to hit the day's high of 24,524.76 on increased capital inflows and on hopes that new government will take steps to accelerate economic growth. However, some profit booking in IT shares trimmed gains to some extent. The BSE barometer finally settled at 24,374.40, up 76.38 points, or +0.31 per cent. The gauge had lost 78.86 points to in the previous session, falling from its record closing high of 24,376.88.

  • Meanwhile, the NSE index Nifty closed 23.50 points higher at a fresh record close of 7,276.40 today, surpassing the previous record of 7,275.50 made on May 20. This is a gain of 23.50 points, or +0.32 per cent. Market advanced today on renewed buying in consumer durables, realty, power and PSU sector stocks amid a firming trend in the global markets.

  • Positive global cues helped boost domestic sentiments as Asian stocks edged higher after Federal Reserve meeting minutes showed policy makers see a muted risk of inflation from continued US stimulus.

  • Foreign institutional investors (FIIs) have remained as net sellers in our market today, although overall FII participation remains quite high. FIIs sold shares worth a net Rs 266.22 crore on Wednesday, 21 May 2014, and Rs. 294.99 crore today, as per provisional data from the stock exchanges. See our 'Market Statistics' page.

  • Don't expect 7100 on Nifty to be broken, says Sandeep Wagle. You will not get any major corrections. There will be shifting and some stocks will move sideways, but there is no need to panic. The Nifty has probably made a short term top at 7500 after the May 16 event and I do not think the bulls are in a mood to let go. So 7100 will not be broken and 7100 to 7500 will have small movements - one day up, one day down, he adds.

  • After the poll results, cash volumes on both the exchanges have risen nearly two fold in comparison with the average volume since the beginning of the year, say experts. Analysts say cash market volumes picked up due to portfolio rotation of FIIs towards underowned stocks from over-owned stocks and an increase in retail participation. Increasing participation of retail investors has also boosted cash volumes. Most retail investors enter equities market based on price points rather than fundamentals. Usually, they make fresh exposure to equities when stocks have appreciated quite significantly, say experts.

NIFTY 3-Month

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