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Market Report

Thursday, 12-June-2014


  • The BSE Sensex resumed higher at 25,597.21 and firmed up further to a high of 25,611.32 on initial buying support. It declined afterwards to 25,409.69, before settling at 25,576.21, showing a rise of 102.32 points, or +0.40 per cent. Yesterday, the bluechip index had lost 109.80 points after hitting a new lifetime high of 25,735.87.

  • Meanwhile, the NSE 50-share Nifty rose 23.05 points, or +0.30 per cent, to end at 7,649.90 today after the index recouped most of the previous session losses to end up near record highs powered by gains amongst financials and auto shares. It had crossed the 7,700 points level for the first time in yesterday's trade. Smallcap and midcap stocks were also seen back in demand, helping sentiments improve, said equity dealers.

  • Globally, Asian indices ended lower but there was a higher opening in European markets. Investors await data on US retail sales and jobless claims.

  • Brokers said the undercurrent remained strong on continued fund inflow on hopes of reforms and economic revival after the Narendra Modi-led government took charge. They said investors picked up fundamentally strong stocks amid expectations of favourable IIP (Index of Industrial Production) and Consumer Price Index (CPI) inflation numbers to be released in the evening.

  • After market hours today: April IIP came in at a robust 3.4% versus -0.5% in March, actually after contracting for two months in a row. This should have good bearings in tomorrow's market.

  • See an upside in markets in medium and long term, says Vibhav Kapoor of IL&FS. Things look pretty good, but the market has to digest these gains and wait for some sort of actual improvements to begin on the ground, and for some time to pass before it starts to move up again. So, till the budget, we may probably get a maximum of about 7800-7850 and on the downside maybe 7400. Then we also have the monsoon issue, which is becoming a little bit a matter of concern, he adds.

  • Expect Nifty to trade in 7580-7700 range over next few trading sessions, says Sandeep Wagle. The bulls are not willing to let go of 7580 and that is a very strong point. This may probably go down another 200 points or so to 7350-7400. But that does not look likely as of now. On the upside, 7700 is also a strong resistance. Hence, I would broadly talk of 7580-7700 over the next few trading sessions. After a little longer time horizon, it will be around 7800 or so, and 8150-8200 post the Budget. 7500 at lower levels seems to be a very strong support, he adds.

NIFTY 3-Month

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