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Market Report

Tuesday, 01-July-2014

NSE

  • The 30-share Sensex resumed the day strong and soared further to finish at two-week high of 25,516.35 today, a rise of 102.57 points, or +0.40 per cent. It touched the day's high of 25,571.90. This was its strongest closing since June 17. The gauge gained over 351 points in the previous two sessions.

  • The NSE 50-share Nifty moved up 23.35 points, or +0.31 per cent, to end at 7,634.70 today after rising to 7,649.50 in intraday. The benchmark today rose for the third straight session and closed up at a two-week high on good buying in bluechips after an uptick in manufacturing sector growth and signs of pickup in auto sales.

  • Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 1,288.16 crore yesterday and a net plus of 856.35 crore today, as per provisional data from the stock exchanges. The decision to hike diesel, petrol and non-subsidised LPG prices was interpreted by investors as the government's resolve to take tough decisions, say dealers.

  • The Rupee was last trading at 60.10, higher than its previous close of 60.17/18 on foreign inflows and absence of any Reserve Bank intervention so far. Asian shares held near three-year highs on Tuesday on upbeat Chinese manufacturing data and expectations that US monetary policy will stay loose for some time, while the dollar was broadly soft. Japan's Nikkei rose 1.3%. Hong Kong markets were closed for a holiday. All the major markets in Europe were in green when last reports came in.

  • No runaway rally expected ahead of July 10. Markets may inch higher post Budget, say experts. We are left with just six trading sessions ahead of the Budget and experts are of the view that the index may consolidate in the near term. Analysts do not see a runaway type of rally post the Budget, but stock-specific action is more likely prediction in economy-related sectors such as realty, infrastructure, oil & gas etc.

  • The Nifty may languish around 7700 till Budget, says Sandeep Wagle. What we saw today was consolidation, there was no weakness. Some stocks and some sectors here or there will move, some will be positive and some will be negative. Overall, there will be a balancing act. Post the Budget, it will depend on the event. All said and done, if you talk of the extreme short term, I am hopeful that 7500 will not be violated, he adds.

NIFTY 3-Month

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