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Market Report

Friday, 30-May-2014

NSE

  • In volatile trade, the 30-share BSE index commenced the day strong and touched an intraday high of 24,353.59 from its previous close. However, it gave up all gains and settled lower by 16.81 points, or -0.07 per cent, at 24,217.34. Yesterday, it had fallen 322 points. The 50-scrip NSE index Nifty today ended lower by 5.70 points, or -0.08 per cent, at 7,229.95. Intraday, it moved between 7,118.45 and 7,272.50.

  • On a weekly basis, the Sensex fell 476.09 points. This was its biggest loss since the week ending January 31, 2014 when it had weakened by 619.71 points. For the month, the Sensex gained a whopping 1,800 points -- logging its best monthly performance in recent times.

  • Profit-booking ahead of GDP data later this evening and RBI monetary policy review next week were among the factors that led to markets closing on a negative note, said brokers. Mixed trend in global market and absence of any positive cues on the domestic front as most of events, including government formation, have been factored in, traders said. Financial and banking stocks remained under pressure ahead of the RBI's policy review on June 3.

  • On the monetary front, the rupee was stronger at 58.9600/58.9650 versus its previous close of 59.03/04, as dollar inflows from Yes Bank Ltd's share sale for 500 million dollars aided the rupee's gains.

  • The absolute level of the index per se is at a higher level, but I do not think it is any indication, says Nandkumar Surti, MD & CEO, JPMorgan AMC. I guess it is still the start of a bull run. That is the way we would like to look at it and many of the upsides will come in as this government keeps on announcing new policy measures, as you see more clarity in terms of the budget, in general, as interest rates start to move lower and earnings start to move higher, he adds.

  • After market hours today: The country's Gross Domestic Product (GDP) for the fourth quarter of the financial year 2013-2014 grew at 4.6% versus a street estimate of 4.7%. The GDP for the entire FY14 grew at 4.7%. This marks a second straight year of sub-5 percent growth - the worst slowdown in more than a quarter of a century.

NIFTY 3-Month

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