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Market Report

Thursday, 17-July-2014

NSE

  • Rising for the third session, the benchmark Sensex today edged higher to end at over one-week closing peak of 25,561.16 up 11.44 points, or +0.04 per cent, supported by gains in shares from metal and power sectors. After rising nearly 64 points, the BSE barometer pared gains amid profit-booking in realty, oil & gas and auto stocks.

  • The Nifty also gained marginally to close at 7640.45 which is a gain of 16.05 points, or +0.21 per cent. The markets since morning have been stuck in a tight range. Both the benchmark indices- Sensex and Nifty failed to showcase a big move. The Sensex moved in a narrow range of 119 points and the Nifty was stuck in a range of 43 points.

  • Investors adopted a cautious stance after two days of hefty gains and preferred to book some profits, brokers said. However, the broader markets outperformed the benchmark indices. In a related news, the revival of monsoon rains in the grain bowl of northwest and central regions should help speed up sowing of main summer crops such as rice, corn, soybean and cotton. Another point to note today, is the high FII net purchase -- see our 'Market Statistics' page.

  • Globally, Asian and European equities dipped on Thursday, giving up earlier modest gains as Chinese shares fell. The Rupee also fell marginally by two paise to 60.14 against the dollar on increased demand for the US currency from banks and importers.

  • India is a good story now and when compared to the other emerging markets is definitely a country to be in, said Ravi Muthukrishnan of ICICI Securities. That is what has provided the impetus for FIIs to come into India. The Budget was somewhat disappointing, according to most FIIs, but overall gave clear direction which will put India back on the growth path of over 7% GDP in the next few years. Net-net the positives out of the budget for FIIs have been more than this issue (GAAR) which has been a thorny issue for quite some time. But they will try and resolve it as early as possible, that is what built up the confidence in FIIs, he adds.

  • After market hours today: India's largest software exporter Tata Consultancy Services surprised the Street positively with its June quarter results on the back of robust volumes and healthy growth across verticals. TCS first-quarter revenue rose 5.5% sequentially, beating market expectations. The company beat Street estimates also on net profit and margins front. According to analysts, it is a strong performance by the company and management commentary is expected to remain bullish. The stock is expected to open with a gap-up in trade tomorrow.

NIFTY 3-Month

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