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Market Report

Tuesday, 19-Aug-2014

NSE

  • The S&P BSE Sensex rallied 140 points to touch its fresh lifetime high of 26,530.67 in intraday trade today. Tracking the momentum, as much as 244 stocks rose to their fresh 52-week high on the Bombay Stock Exchange. The S&P BSE Sensex finally closed 29.71 points or +0.11 per cent higher at 26420.67 to a fresh closing high.

  • The 50-share Nifty index also rose 44 points to touch its fresh record high of 7918.55 and as much as 97 stocks rose to their fresh 52-week high on the National Stock Exchange. The Nifty finally closed 23.25 points or +0.30 per cent higher at 7897.50 to a fresh closing high.

  • Benchmark share indices gained for the sixth straight session, amid firm global cues, to end at fresh record closing highs on the back of agrressive buying by instiutional investors. Analysts expect the rally to continue for the Nifty and the index is poised to hit levels of 8000 in the short term, supported by strong global liquidity.

  • Globally, Asian markets ended higher on Tuesday tracking overnight gains in the US and easing of geopolitical tensions in Ukraine. European shares were also trading firm when reports last came in.

  • Analysts at top global brokerage firms such as Goldman Sachs and Deutsche Bank see a huge upside of up to 22% in OMC stocks such as HPCL, BPCL, IOC, ONGC and OIL in the next 12 months as a drop in global crude prices and staggered increases in diesel prices will help these companies cut losses and improve margins. In a separate report, Moody's anticipates a full deregulation of diesel prices over the next few months as it expects the newly-elected government will continue to support the Rs 0.4-0.5 per litre price hike that has been in place since early 2013.

  • Expect Nifty to scale 8000 levels in short term, says Tushar Mahajan of Nomura India. Technically speaking, the 7850 level, which the market crossed yesterday, was done after almost four failed attempts earlier. That momentum itself should probably inch the markets higher to about 8000 odd levels in the short term. We have passed all data releases in India. The earnings are over. So, effectively, there are no local triggers. However, one could call the fall in oil prices as a big trigger for India given how we are dependent on oil imports and now sensitive the economy is to that numbers, he adds.

NIFTY 3-Month

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