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Market Report

Tuesday, 26-Aug-2014

NSE

  • After opening in the negative zone at 26,349.87, the Sensex slipped further to touch the day's low of 26,314.89 on sustained selling due to negative domestic and overseas cues. However, late buying helped it wipe off initial losses to gain 5.79 points, or +0.02 per cent. It close at new high of 26,442.81, breaching earlier record of 26,437.02 reached yesterday. The gauge has gained over 128 points in 4 days.

  • NSE Nifty index retreated from fresh record high hit today and edged lower by 1.55 points, or -0.02 per cent, to close at 7,904.75 as banking stocks fell. The barometer moved between 7,862.45 and 7,915.45 during the session on alternate bouts of selling and buying. Sentiments remained bearish at the outset following the Supreme Court's coal block allocation judgement.

  • The Sensex extended its winning run to the fourth straight session on buying in healthcare and FMCG shares while battered metal stocks also witnessed a late recovery. In addition, covering up of short positions by speculators ahead of Thursday's monthly expiry in the derivatives segment also helped Sensex rebound, brokers said.

  • Globally, major Asian markets were trading lower with Chinese shares declining the most. Japanese shares which had rebounded yesterday failed to extend gains today. European shares were trading flat as investors booked profits at higher levels post the sharp gains seen on Monday on hopes of further monetary stimulus measures from the European Central Bank to boost the economy.

  • Market is contracting; preparing itself for a big move, says Ashwani Gujral. It has been doing so for the last three to four sessions. As long as this continues, we are building up energy for a big move. That big move could happen on September 1 as it will need some sort of a trigger, he says.

  • Motilal Oswal pegs Nifty at 8500 by Diwali -- Even though the Indian markets have managed to rally nearly 25 per cent so far in the year 2014, analysts at top brokerage firms remain bullish on the markets and see another 8 per cent upside in the next two months till Diwali.

NIFTY 3-Month

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