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Market Report

Tuesday, 12-Aug-2014

NSE

  • Sensex, the 30-share index closed at 25,880.77, up 361.53 points or +1.42 per cent. It touched intraday high of 25,904.98 and a low of 25,645.79 in trade today recording its highest daily gain since June 6. The Nifty ended the trade at 7,727.05, up 101.10 points or +1.33 per cent. It touched an intraday high of 7,735.75 and a low of 7,654.80 in trade today.

  • Tracking the momentum, the 50-share Nifty index surged over 100 points to close above its crucial psychological resistance level of 7700, led by gains in auto, capital goods and oil & gas sectors.

  • The Indian rupee was trading higher at Rs 61.12 compared to the previous close of Rs 61.19 tracking gains in equities. Globally, Asian markets ended mixed on profit taking after recent gains. European shares were trading lower on concerns over growing tensions in Ukraine while the recent developments in Iraq also weighed on sentiment.

  • Be stock specific with a bullish bias, says Sandeep Wagle. In the beginning of the session, I was a little sceptical. I thought 7700 would not be broken, but the way the bulls have come back and the way the patterns are shaping up for most of the stocks, we will be testing new highs if not breaking it. Hence, 7830 is very much on the cards, he adds.

  • Market is taking a positive turn, says Devang Mehta of Anand Rathi Securities. If one carefully analyzes the last 8 days, three-four days were an uptick day and three-four days were very bad. Overall, the market was in a sort of a no trading zone, but this large move that are coming in from the last two days and the sectors have also changed. Sectors like auto, where numbers have been consistent, and cement, where the dispatch numbers have started showing green shoot, have started doing well. We believe, directionally, the market is taking a positive turn, he adds.

NIFTY 3-Month

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