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Market Report

Thursday, 03-July-2014

NSE

  • We saw another day of consolidation as the Sensex, after hitting a new historic high of 25,999.08 yesterday, fell back sharply to a low of 25,793.70 before closing at 25,823.75 today, recording a fall of 17.46 points, or -0.07 per cent. In the previous four sessions, the Sensex had rallied over 778 points.

  • The 50-issue Nifty of the NSE declined 10.35 points, or +0.13 per cent, to end at 7,714.80. Intra-day, it scaled a new life time high of 7,754.65. In previous four days, it had gained 232 points. The market today retreated from record high levels and logged its first drop in five days, ending lower after trading on the BSE was disrupted for about three hours due to network outage.

  • The BSE 30-share barometer resumed the day at 25,875.75. However, the exchange faced "network-related issues" and at 9.42am the market was closed. The issue was resolved by 12.15am and subsequently equity market was re-opened from 12.45pm with another pre-opening session, the BSE said. The Sensex slipped particularly in the later half of the session on heavy profit-booking in recent outperformers after normal trading was restored.

  • India's private sector output witnessed significant uptrend in June as both manufacturing and services sector registered solid rate of expansion, driven by robust order flows and stronger business sentiment, an HSBC survey said today. The headline HSBC Services Business Activity Index was at a 17-month peak of 54.4 in June rising from a modest 50.2 in May. A reading above 50 shows that the sector is expanding, while a reading below 50 depicts that the output in the sector is contracting.

  • Meanwhile, monsoon rains revived in the key planting month in many parts of north and central India after recording the weakest first month of the June-September monsoon season in five years, weather officials said today. A late surge in the monsoon rains has come as a relief to farmers who can now begin to plant summer crops such as rice, corn, cane, soybean and cotton.

  • Globally, Asian stocks lingered near three-year highs on Thursday as investors waited for the US nonfarm payrolls report to see if the economy is gaining momentum. The Rupee was last trading at 59.70 after hitting 59.52, its highest level since June 13 and higher than the previous close of 59.6875/6975 as foreign banks continue to sell dollars on behalf of overseas investors.

  • Expect Nifty to touch 7850 pre-Budget, said Sandeep Wagle. The Nifty is range-bound between 7650 and 7850 and the rally should continue. It can correct by another 20-30 points. I do not see it break 7700-7690 conclusively. Now it depends on stocks. Some will be sideways, some will be corrective and some will move on. So that totally depends on stocks and I still feel that 7850 pre-budget is on the cards, he says.

NIFTY 3-Month

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