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Market Report

Wednesday, 20-Aug-2014


  • The 50-share index closed at 7,875.30, down 22.20 points or -0.28 per cent. It touched an all-time high of 7,922.70 and a low of 7,864.05 in trade today. The S&P BSE Sensex ended at 26,314.29, down 106.38 points or -0.40 per cent. It touched a high of 26,504.52 and a low of 26,277.61 in trade today.

  • In its first drop in seven days, the Nifty witnessed a choppy session today after hitting fresh record highs in morning trade, amid weak European cues, on profit taking after sharp gains in the previous two sessions which lifted the benchmark share indices to their record highs. The Nifty failed to end above 7,900 mark for the second straight day.

  • Yesterday, the 30-share Sensex benchmark had ended at its all-time closing high of 26,420.67 and had also logged intra-day life high of 26,530.67. In previous six days of straight gains, it had gained over 1,091 points.

  • Global equities have attracted funds in recent sessions on expectations major central banks. Asian stocks ended firm today after strong US housing data lifted Wall Street shares, helping nudge Treasury yields higher and keeping the dollar well bid against the euro and yen. However, European markets were trading lower today with shares in France off the most.

  • The Indian rupee was trading lower after the US dollar firmed up against other Asian currencies while the weakness in the domestic stock markets also weighed on sentiment. The rupee was trading at Rs 60.73 compared to the previous close of Rs 60.67.

  • Analysts are of the view that the party on Dalal Street is likely to carry on for some more time, aided by strong global liquidity and reforms push by the newly elected Modi-led government. Considering the fact that our markets have already rallied nearly 25 per cent so far in the year 2014 and are trading near the higher end of the range, some bit of profit booking cannot be ruled out at higher levels and thus investors should remain cautious, advise analysts.

  • All I know is that it is still a multi-year bull market, said Nilesh Shah of Axis Capital. The markets which were running on the FII flows are still getting support from domestic flows. The inflows from FIIs are likely to be complimented by domestic institutions. Both are expected to push the market higher in coming quarters. If you are patient and selective, this market gives you a great opportunity to make money, he added.

NIFTY 3-Month

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