IntradayTrade dot Net dot IN
Market Report

Wednesday, 27-Aug-2014

NSE

  • The 30-share BSE Sensex touched intra-day high of 26,599.12 points before it surrendered some of gains later, but managed to settle at new record high of 26,560.15 today, logging a rise of 117.34 points, or +0.44 per cent. It surpassed previous record peaks of 26,442.81 hit yesterday and 26,437.02 on August 25.

  • Similarly, the 50-share NSE Nifty gained 31.30 points, or 0.40 per cent, to settle at new closing peak of 7,936.05, surpassing earlier record closing high of 7,913.20 hit on August 22. Intra-day today, it touched high of 7,946.85. The Nifty has fallen marginally for the last two days.

  • Our markets went up to a new closing peak, for the third session in a row for the Sensex, on hopes of fresh stimulus in Eurozone and positive Asian cues after investors welcomed data indicating the US economy is back on track. Across-the-board gains were also seen on continued foreign funds inflows amid investors churning portfolios ahead of monthly expiry in equity derivatives tomorrow, say brokers.

  • However, there was a big up-down movement just before closing time today when we saw some panic selling because of a Supreme Court order against DLF. Boosting the hopes of aggrieved homebuyers across the country, the Supreme Court today rejected DLF's plea to stay the Competition Appellate Tribunal's order upholding the penalty imposed on the builder by the Competition Commission of India and asked it to deposit the penalty amount of Rs 630 crore within three months.

  • It is time for markets to get corrected, says Ambareesh Baliga. I would be cautious at these levels because we have had a straight move in the last three to four months without a major correction as such and if you look at the macro numbers, they have not been too favourable - IIP data, inflation and also results were mixed and now you have the Supreme Court order against DLF, which again is quite negative for the market overall. So it is time that it corrects itself, he says.

  • Expect Nifty to be in 7800-8050 range in short term, says Sandeep Wagle. At any point in time, a 50, 70, 80-point correction will be bought into and beyond that I do not see a correction. I would be bearish or I would be short-term negative only if 7800 is broken down on a closing basis. On the upside, 7950 is a little bit difficult to cross, but once it is done, we will be somewhere between 8000 and 8050. So broadly 7800 to 8050, he says.

NIFTY 3-Month

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