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Market Report

Friday, 22-Aug-2014

NSE

  • The NSE Nifty barometer today rose 22.10 points, or +0.28 per cent, to end above the 7,900-mark for the first time at 7,913.20 after software stocks led by Infosys surged. The Nifty also hit a new all-time intra-day peak of 7,929.05, surpassing its previous record of 7,922.70 hit on August 20.

  • The BSE 30-share barometer spurted 59.44 points, or +0.23 per cent, to close at 26,419.55, just missing previous record closing high of 26,420.67 reached on August 19. During today's session, it touched a high of 26,508.27. The gauge had gained 45.82 points in yesterday's session.

  • The Nifty today settled above the 7,900-mark for the first time, boosted by gains in banking and IT stocks on higher capital inflows. Besides, a strengthening rupee and positive global cues on upbeat US economic data and easing crude oil price buoyed market sentiments. A firming trend in other Asian markets after the US markets closed at another record-high yesterday also helped.

  • Expect market to be range-bound, Nifty may get capped at 7900-7950, says Mayuresh Joshi of Angel Broking. With the global turn in events, the Nifty has shown some amount of resilience and has bounced back. However, there are very few domestic triggers for the market, at least from a short to medium-term perspective. Our take is that in absence of domestic triggers, the markets would more or less stay in a range and the Nifty might get capped at 7900-7950, he adds.

  • We believe the current market rally is a massive bull run, says Sandeep Tandon of Quant Broking. This call is not confined to India. I have a global big call on the US markets and within the US, technology, bio technology, healthcare, agri chemicals and financials should do extremely well. So should they in India, he adds.

NIFTY 3-Month

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