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Market Report

Tuesday, 24-June-2014


  • After a higher start, the 30-share BSE index rallied to touch intra-day high of 25,414.69 before settling at 25,368.90, a significant rise of 337.58 points, or +1.35 per cent. Of the 30 Sensex scrips, 26 rose while 4 ended lower. The gauge had lost nearly 490 points over the past four sessions to end at nearly 3-week low levels on rising oil prices and forecast for below average monsoon rains.

  • Similarly, the broad-based Nifty of the National Stock Exchange ended 86.85 points, or +1.16 per cent higher at 7,580.20 today. It touched a high of 7,593.35 and a low of 7,515.20, clocking the first gain in 5 days as lower global crude oil prices eased inflation concerns and buying came in bluechips. Global oil prices dipped as investors noted that turmoil in Iraq has yet to directly disrupt production.

  • The market was enthused by Finance Minister, Arun Jaitley's statement that India needs to act 'now' to fix the health of its economy, which is facing a challenging time. Globally, Asian shares ticked higher on Tuesday as improved manufacturing data from China, Japan and the United States augured well for global growth, despite a disappointing result from the euro zone.

  • The Rupee was trading at 60.10/11 versus Monday's close of 60.20/21, with more than 1% gains in the domestic share market aiding sentiment but month-end dollar demand from importers is expected to limit sharper gains in the Indian unit.

  • A pre-Budget rally may begin sometime next week, says Devang Mehta of Anand Rathi Securities. The correction that the market saw for the past four-five days was a good bit of consolidation and correction. It is great for the health of the market that intermittent corrections come. It is showing all the classical signs of a good bull market wherein three-four days' correction gets bought into. We are in for some good days ahead. Probably, this rally will have enough steam to go above 7600 and stay for some time over there, he adds.

NIFTY 3-Month

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