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Market Report

Monday, 28-July-2014

NSE

  • Stock markets opened on a better note with the 30-scrip Sensex touching the day's high of 26,181.83 points in early trade. It later slipped below the 26,000-mark on across the board profit booking by participants and closed 135.52 points, or -0.52 per cent, down at 25,991.23. Intra-day, it had touched a low of 25.900.25. Today's Sensex closing is the weakest since 25,715.17 on July 21, 2014. On Friday, it had shed 145.10 points, snapping a record 8-day upmove in which the Sensex rose over 5 percent.

  • Meanwhile, the 50-share Nifty of the National Stock Exchange lost 41.75 points, or -0.54 per cent, to settle at a one-week low of 7,748.70 in its second day of declines. During the session, Nifty shuttled between 7,799.90 and 7,722.65 as investors booked profits in metal, oil & gas and realty shares after the recent rally.

  • Trading activity was also sluggish ahead tomorrow's Ramzan Id holiday and monthly expiry in derivatives on Thursday.

  • The Indian rupee was trading unchanged at 60.11 compared to its previous close. Meanwhile, month-end demand for dollars from crude oil importers is likely to keep the pressure on the Indian currency.

  • Globally, Asian stocks shrugged off a drop in Wall Street and hit a three-year high on Monday, with China taking the lead after data showed a robust jump in profits earned by industrial firms in the world's second-largest economy. In the European markets, CAC and FTSE were up while DAX was marginally in red when last reported.

  • Nifty to trade around 7700-7850 levels, says Sandeep Wagle. Bank Nifty specifically does look weak, Nifty does not look that weak. Nifty would be on a bounce back mode and I would talk of a 7700-7850 range for at least the earlier part of the week. So some choppiness, some weakness in the Bank Nifty and individually, stock-specific moves, he expects.

  • Experts say the earnings upgrades cycle is now truly under way, with companies reporting the highest levels in two years for the March 2014-15 quarter. The number of companies doing better than the estimates has also surpassed those recording below-par performances. Experts also say that the improved performance and earnings upgrades coinciding with the change of power at the Centre is merely a coincidence and the strong showing is likely to continue. Analysts expect earnings growth to revert to the mid-teens for the first quarter in 2014-15.

NIFTY 3-Month

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