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Market Report

Thursday, 26-June-2014


  • The BSE Sensex resumed lower at 25,217.69 points and continued to lose momentum to touch an intra-day low of 25,021.23. It settled at 25,062.67, down 251.07 points, or -0.99 per cent. It had lost 55.16 points yesterday. The index's drop today was its steepest since 274.94-point fall on June18.

  • The 50-share NSE index Nifty dipped below the crucial 7,500 mark by losing 76.05 points, or -1.00 per cent, to close at 7,493.20 today after shuttling between 7,570.20 and 7,481.30 intra-day. The decline came as shares of ONGC and Reliance Industries skidded after a decision to hike natural gas prices was deferred and investors adopted a cautious stance on expiry of monthly derivative contracts and fresh selling by foreign funds.

  • Globally, stock markets in Europe and Asia looked past gains by Iraqi militants and poor first-quarter growth in the United States on Thursday, with some investors raising their forecasts for a US economic bounce in coming months. The surge in oil prices is the latest setback for a global economy still trying to get back on its feet. In that light, Wednesday's final estimate of US gross domestic product in the first quarter was only the latest argument that the Federal Reserve will keep interest rates at record lows into next year.

  • Markets not to see any major movement till Budget, says Kunj Bansal of Centrum Wealth. It is a fact that the Budget will determine the direction of the market. At the present point of time, the market is discounting the major negative factors such as reduced monsoons. That is a surprising thing. Oil price volatility has also not had much effect on the Indian market in terms of taking it down. Balancing these concerns with the budget outcome is what we have to keep an eye on. At this point, I would still be comfortable and positive on the market, he says.

  • Indian stocks to set new records after brief post Budget correction, say experts. The benchmark BSE Sensex will keep setting new record highs in the coming year, after a small correction in the next few months, a Reuters poll found on Thursday. The Sensex will rise to 27,750 points by the end of December, according to the median forecasts in a poll of 24 analysts taken in the past week. It ended at 25,062 today. It is expected to climb further to 30,000 by next June, the poll showed.

NIFTY 3-Month

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