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Market Report

Thursday, 21-Aug-2014

NSE

  • The 30-share index after opening firm at 26,322.66, improved to touch day's high of 26,464.80 before settling with net gain of 45.82 points, or +0.17 per cent, at 26,360.11 today. Intra day, it had slipped to a low of 26,262.52 due to selling in metal, realty, IT and power scrips. Yesterday, Sensex shed over 106 points on profit-booking. It touched record close level of 26,420.67 on August 19.

  • The 50-share NSE Nifty recovered 15.80 points, or +0.20 per cent, to close at 7,891.10 after shuttling between 7,919.65 and 7,855.95 in intraday. It had shed 22.20 points yesterday.

  • Markets ended marginally higher today led by gains in bank shares after Finance Minister Arun Jaitley said that the government was working towards bringing in more professionalism in the functioning of banks and improving risk management, amid the backdrop of the recent scams in some public sector banks.

  • Global stocks trend was mixed. European markeets opened higher while Asian markets mostly fell. Share markets had been feeling flat following a disappointing survey on Chinese manufacturing overnight but they too got a lift from the news that Germany's private sector grew for a 16th month running in August. Also, lower crude oil prices boosted overall market sentiment.

  • Analysts are of the view that the up move that we have seen in the past few days might not last given the fact that there are no additional triggers and rally that we saw was just concentrated around few sectors. However, given the momentum that we have seen in Indian markets, analysts see Nifty touching 8000-8200 levels by December end. For the Sensex, the rally may extend to 27000-28000 in the same period, but beyond that market would require additional triggers to move forward.

  • Nifty might dash past 8050 after four-five trading sessions, says Mitesh Thacker. We remain positively biased mainly trading on the long side and again the approach which we would want to take is sector specific or stock specific the places which are showing breakout with good momentum are the places you want to trade on the long side, he adds.

NIFTY 3-Month

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