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Market Report

Thursday, 07-Aug-2014

NSE

  • Sensex, the 30-share index, closed at 25,589.01 down 76.26 points or -0.30 per cent. It touched intraday high of 25,748.05 and a low of 25,526.05 in trade today. The Nifty ended at 7649.25, down 22.80 points or -0.30 per cent. It touched an intraday high of 7,708.95 and a low of 7,630.40 in trade today.

  • The S&P BSE Sensex plunged as much as 139 points in a flip-flop trade today led by losses in Infosys, Tata Motors, Hindalco, TCS and HDFC. Tracking the momentum, the 50-share Nifty index was also ended below its crucial psychological support level of 7650, weighed down by losses in capital goods, IT, consumer durable and realty stocks.

  • The S&P BSE Sensex ended lower on Thursday as geo-political concerns weighed down on the markets. However, analysts at JPMorgan and ANZ are of the view that Indian markets remain a good play for long-term investors. Even though benchmark indices have rallied over 20 per cent so far in the year 2014, analysts at top global brokerage firms are of the view that the Indian markets are fairly valued at current levels.

  • The markets would be range-bound for a few months now, said Ravi Muthukrishnan of ICICI Securities. What is happening today has more to do with external factors - the FED's stand on interest rates, the trouble in Russia, etc. Moreover, we think the markets in China are slightly improving. All these may have implications for India in the short run, which is good, because in the last couple of months, we have seen that the markets have gone far ahead of fundamentals, he added.

  • Market won't enter new zones unless it cracks 7850, says Yogesh Mehta of Motilal Oswal Securities. Since the market is holding in between the range of 200 points -- 7650 to a max of 7850, we are of the opinion that unless we cross 7850, it would be very difficult for the market to get in the new zone. We are rather not going short at this point in time, but booking profits gradually in every sector and every aspect, he adds.

NIFTY 3-Month

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