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Market Report

Thursday, 05-June-2014

NSE

  • The benchmark Sensex created history today by closing above the 25,000 mark for the first time on heavy buying qall across the board. The 30-share BSE index after commencing higher, surged further to breach the 25,000 mark. It hit the day's high of 25,044.06, before settling 213.68 points, or +0.86 per cent higher, at all-time closing high of 25,019.51 today. The gauge has now surpassed its previous closing high of 24,858.59 on Tuesday. Its intra-day all-time high remains 25,375.63 hit on May 16.

  • The 50-share NSE Nifty climbed 71.85 points, or +0.97 per cent, to close at a new peak of 7,474.10 today, breaching previous record closing high of 7,415.85 on Tuesday, as overseas investors bought heavily in metal, power and oil & gas shares, amid expectations the European Central Bank will unveil an economic stimulus later today. Yesterday, both the Sensex and the Nifty fell.

  • There is growing speculation that the European Central Bank (ECB) will ease monetary policy later today to support a fragile recovery, said traders.

  • Reports that monsoons are expected shortly also helped improve sentiment. It is expected to hit the Kerala coast on Friday.

  • The Rupee was trading higher at 59.29 per dollar as against the last closing level of 59.33 tracking gains in domestic stock markets after they surged to record highs.

  • Globally, Asian stock markets ended mixed with Shanghai Composite gaining the most. Japanese stocks ended at near three-month highs today because of a weaker yen, but upside gains remained capped as investors turned cautious and booked profit ahead of US jobs report on Friday. European markets were also trading mixed, when reports last came in.

  • Next big event could technically be a breakout above 7500, says Mitesh Thacker. We are back to the high end of the range. If the Bank Nifty gets past 15,500, it should gain from the last few days of consolidation and have some strong momentum, which in turn would also reflect on the Nifty and then the Nifty could immediately test the levels of 7650-7700. Alternatively, if we fail at 7500 again, we are back to this range of 7350 to 7500, he adds.

  • Expect Budget to be the next big trigger for markets, says Sudip Bandyopadhyay. The Indian markets have taken a new level and there maybe some correction here and there, but a level of 7300-7350 can be taken as the new bottom. We still have quite a lot of steam left in the rally. The Indian market, after a long time, is seeing some structural positive moves. There are so many expectations which have not been fulfilled as yet, he says.

NIFTY 3-Month

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