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Market Report

Monday, 23-June-2014


  • The barometer, Sensex, closed with a loss of 74.19 points, or -0.30 per cent, to end at 25,031.32 today. The gauge has now lost over 489 points in the four sessions. Today's closing value is the lowest since 25,019.51 on June 5. The 50-share Nifty of the NSE ended 18.10 points, or -0.24 per cent, down at 7,493.35 after shuttling between 7,534.80 and 7,441.60 today to end near their crucial support levels even as sugar stocks rallied on the back of sharp hike in import duty.

  • Stock markets had opened on a better note with the 30-scrip BSE Sensex touching a high of 25,197.50 points in early trade on positive cues from other Asian markets. However, it dipped below 25,000 mark for the first time since June 5 to touch day's low of 24,878.66 points on heavy selling. Some recovery in the fag-end helped the market narrow some losses. This is nearly three-week low levels as tobacco shares led by index heavyweight ITC slumped on fears of excise duty hike, amid concerns over rising crude on continued violence in Iraq.

  • Globally, Asian stocks rose on the back of positive news from China's factory sector and fresh highs on Wall Street fuelled appetites for riskier assets. European markets were trading firm with geopolitical risks tempering economic optimism.

  • New Finance minister Arun Jaitley will present the budget for the 2014/15 financial year on July 10, government sources said, three days after the parliament begins its budget session. The new government, led by Prime Minister Narendra Modi, will present the railway budget on July 8 and the country's economic survey on July 9. The budget session of parliament is scheduled to conclude on Aug 14.

  • Forget Iraq woes, Sensex can still rally another 2,000 points ahead of Budget 2014, say experts. Most analysts are of the view that despite escalating tensions in Iraq and depreciating rupee, Indian markets should be able to scale higher from current levels, supported by strong FII flows, and because most of the oil which is imported comes from southern region which remains unaffected.

  • Markets likely to pause now and wait for improved earnings, says Sashi Krishnan of Birla Sun Life Insurance. From May 12 till date, the markets have gained something like 14.5%. That has been a big gain for the Sensex. A lot of that has been a hope trade, hope that things will change significantly for the better, especially on the macro front. But now, the time for the hope trade is over. Now the markets will take a breather and start looking at the possibility of earnings improving significantly. If we are able to get the fiscal consolidation right and able to push back growth to at least 5.5% in the current year, corporate earnings will bounce back quite significantly, he adds.

NIFTY 3-Month

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