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Market Report

Monday, 30-June-2014

NSE

  • After a higher start, Sensex, the 30-share BSE index, rallied to touch intra-day high of 25,460.96 before settling at nearly two-week high of 25,413.78 today, clocking a rise of 313.86 points, or +1.25 per cent. The 50-share Nifty of the National Stock Exchange reclaimed the crucial 7,600 mark by rising 102.55 points, or +1.37 per cent, to close at 7,611.35 today. It touched a high of 7,623.65 and a low of 7,531.60 in intraday.

  • Of 30 Sensex scrips, 24 scrips rose today. The gauge had gained 37.25 points on Friday. For the quarter ended June 30, the Sensex rose 3,027.51 points or +13.5 per cent on the back of robust inflows as the BJP government stormed to power at the Centre after polls. Fall in global oil prices and optimism over the first Budget of the Narendra Modi-led government pushed up the Sensex today, wrapping up one of the best quarters in recent years.

  • Brokers said besides easing global crude oil prices as fears of supply disruption from Iraq receded, expectations that the reform measures in the next week's Union Budget will boost the country's economic growth, bolstered sentiments. Power, capital goods, PSUs, banking, consumer durables, healthcare, metals, auto and IT led the rally on expectations of strong reforms in these sectors in the next week's Budget.

  • Globally, Asian markets closed mixed as investors bet that a raft of US and European economic data due this week will soothe recent worries over the pace of growth. Meanwhile, the Rupee was last trading at 60.05 against the US dollar as exporters and banks were seen selling dollars.

  • Markets may not correct post Budget, says Tushar Pradhan of HSBC AMC. To international investors, we are one of the more attractive ones at the moment. All emerging markets are facing significantly larger structural problems, whether you take Brazil, Russia or China. In India too, we have seen a fairly significant tapering of growth, but the real hope is that with the new government there is an expectation that something better will come out, he adds.

NIFTY 3-Month

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