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Market Report

Wednesday, 30-July-2014

NSE

  • The BSE Sensex finally ended +0.37 per cent higher or 96.19 points plus at 26,087.42 today. It hit a low of 25,850.04 and a high of 26,113.48 in intraday trade today. The 50-share Nifty index closed +0.55 per cent higher or 42.70 points plus at 7,791.40 today. It hit a low of 7707.60 and a high of 7798.70 in trade today.

  • The Sensex recouped its intraday losses of 141 points in trade today and closed above its crucial psychological level of 26000. Tracking the momentum, the 50-share Nifty index also managed to reclaim its crucial psychological level of 7750, supported by gains in consumer durable, banks, pharma and FMCG stocks.

  • Globally, Asian markets ended mixed ahead of key US economic data and the two-day US FOMC meet which ends today. European shares were trading weak in early deals as the US and the European Union imposed fresh sanctions against Russia. The Indian rupee was trading marginally higher at 60.11 compared to the previous close of Rs 60.12 tracking gains in the domestic stock markets. However, upside gains were capped because of dollar month-end dollar demand from crude oil importers.

  • Nifty unlikely to move further; avoid making fresh trade, says Sandeep Wagle. There is a limited upside. When the Nifty has already moved up 60-70 points, no point in taking a trade for a further 100 points. I do not see that kind of an up move. So in that sense, a limited upside of 30-40 points which I would rather not take a trade. I would avoid, he says.

  • India remains an interesting investment story over next 12-18 months, says David Gaud of Edmond De Rothschild Asset Management. First of all, we think that the markets are waiting for the Fed announcement tonight. We as a firm do not expect much of a change in their stance for the next month or a month-and-a-half. It is really a wait-and-watch situation. That should bode well for the market overall, he says.

NIFTY 3-Month

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