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Market Report

Monday, 11-Aug-2014


  • Sensex, the 30-share index closed at 25,519.24, up 190.10 points or +0.75 per cent. It touched intraday high of 25,553.44 and a low of 25,456.75 in trade today. The Nifty ended at 7,625.95, up 57.40 points or +0.76 per cent. It touched an intraday high of 7,633.55 and a low of 7,599.75 in trade today.

  • Tracking positive momentum, the 50-share Nifty index snapped a three day losing streak and closed above its crucial psychological resistance level of 7600, supported by gains in realty, banks, capital goods and auto stocks, amid firm global cues.

  • The Indian rupee was trading marginally lower at Rs 60.17 compared to the previous close of Rs 60.14. Gains in stock markets helped improve sentiment for the Indian currency.

  • Globally, Asian market gained after easing of tensions between Ukraine and Russia while the internal conflict in Iraq continued to weigh on investor sentiment capping upside gains. European shares firmed up in early trades today as tensions eased in Ukraine.

  • After a sharp decline for three consecutive sessions, the index has bounced back in trade today as global cues turned positive. Analysts are of the view that the upward journey of the Indian market will continue with intermittent bout of profit booking.

  • India is expected to outperform global markets in long term, says Sanjay Dutt of Quantum Securities. We have been one of the best performing markets in the world this whole calendar year. So we would get into a pullback consolidation kind of phase with individual opportunities one would need to look at. But relatively, we will outperform the rest of the world and particularly the developed markets. We will continue to get more inflows and on the execution policy action domestic, things are going to happen in the next few months, he adds.

  • Current rally in the market will fizzle out, says Sandeep Wagle. Nifty opened 40-50 points up and it is closing higher than that, though with not much strength. I doubt whether 7700 will be tested; somewhere before that the rally will fizzle out, he says.

NIFTY 3-Month

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