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Market Report

Monday, 25-Aug-2014

NSE

  • The 30-share Sensex, which had rallied by over 105 points in the past two sessions, climbed to hit an intra-day record high of 26,630.74, surpassing its earlier record of 26,530.67 reached on August 19. However, emergence of across-the-board selling towards the close, trimmed most of day's gains and it closed 17.47 points, or +0.07 per cent, higher at 26,437.02 -- crossing its previous closing record of 26,420.67 recorded on August 19.

  • The NSE Nifty after opening a strong footing, climbed to hit an all-time high of 7,968.25, surpassing earlier record high of 7,929.05 reached on August 22. Late selling wiped off Nifty's initial gains completely and it ended 6.90 points, or -0.09 per cent, down at 7,906.30 today on fag-end selling due to Supreme Court's ruling on coal allocations, which hit investor sentiment hard. The market closed so flat today that the NSE index ending in the red while the BSE barometer closed with a marginal 17-point gain at a new peak on closing basis.

  • There was huge selling pressure in metal and power stocks after the Supreme Court today held that guidelines were breached in coal block allocations during the UPA government and that the terms of allotment, going as far back as 1993, were themselves illegal. As much as 28,000 MW of power generation capacity may be affected if the Supreme Court were to cancel coal mines that it has declared illegally allocated between 1993-2010. The government is awaiting Supreme Court to deliver its final view on how the mines "illegally" allocated should be treated.

  • Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 302.06 crore on last Friday, and Rs 127.33 crore today, as per provisional data from the stock exchanges. Asian markets mostly rose today, while the dollar hit multi-month highs against the yen and euro after the US Federal Reserve chief seemed to indicate a shift towards an interest rate rise sooner than expected.

  • Expect more corrections in metals stock, says Mitesh Thacker. Technically you can always argue that it is not a bad outcome but most of the short term or retail participants might not like this kind of an outcome which is happening. The broader market, the CNX midcap index which had just been on the verge of giving a buy signal, reversed. So, clearly next few days could bring in more choppiness, he adds.

NIFTY 3-Month

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