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Market Report

Tuesday, 22-July-2014


  • The BSE Sensex closed at 26,025.80 today, up 310.63 points or +1.21% to end above its crucial psychological resistance level of 26,000. It hit a day high of 26,050.38 and low of 25,780.39 in trade today. The 50-share Nifty index closed at 7,767.85 up 83.65 points or +1.09%. It hit a day high of 7,773.85 and low of 7,704.80 in trade today.

  • The BSE Sensex has rallied 3% in over six days to become world's top performing index, ET Now reported. Tracking the momentum, the 50-share Nifty index also managed to reclaim its crucial psychological level of 7750, supported by gains in realty, power, oil & gas and realty stocks.

  • Shares in telecom operators gained after Idea Cellular's April-June profit beat estimates and after the sector regulator issued guidelines for mobile phone spectrum sharing between carriers that is seen benefiting the bigger incumbents.

  • The Indian rupee was trading higher at Rs 60.18 against the previous close of Rs 60.30 tracking weakness in the US dollar against Asian currencies while inflows by foreign funds in equities also boosted sentiment.

  • Globally, Asian markets ended higher shrugging off geopolitical tensions in Middle East and Ukraine. Shares in Japan ended higher after an extended weekend. European markets rebounded on easing tensions after pro-Russian rebels were in the process of handing over the black boxes of Malaysia Airlines flight MH17 that crashed in Ukraine last Thursday, to Malaysian authorities.

  • India growth story still intact, see a fair amount of global liquidity coming in, says Sashi Krishnan of Birla Sun Life Insurance. Markets will continue to do well. There have been concerns around the geopolitical tensions across the world, but I feel that most investors believe that the risks are localised in all these geopolitical tensions. As a destination, India still looks good. You will see a fair amount of global liquidity coming in and that is good news for Indian equity markets, he adds.

NIFTY 3-Month

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