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Market Report

Monday, 01-Sept-2014

NSE

  • The Nifty soared to hit an all-time intra-day high of 8,035.00 and settled 73.35 points, or +0.92 per cent, higher at record close of 8,027.70 today, surpassing its earlier record high 7,954.35. It also surpassed its previous intra-day record of 7,968.25 hit on August 25. It took 78 trading sessions from May 12 to September 1 to reach the 8,000-mark from 7,000 points.

  • The BSE 30-share barometer Sensex spurted by 229.44 points, or +0.86 per cent, to close at new life-time high of 26,867.55, breaking its previous closing high of 26,638.11 reached on August 28. During today's session, it touched a new high of 26,900.30, improving its previous intra-day record of 26,674.38 hit on August 28. The gauge had gained about 324 points in the previous six straight sessions.

  • Sentiments turned bullish as foreign capital inflows picked up after better-than-expected first quarter GDP data fuelled a rally led by capital goods and bank shares. For the quarter ended June this year, India's gross domestic product (GDP) grew at a nine-quarter high of 5.7 per cent, compared with 4.6 per cent in the previous quarter, driven largely by industry, official data showed on Friday.

  • In a report after market hours today: India's Current Account Deficit (CAD) narrowed sharply to USD 7.8 billion (1.7 per cent of GDP) in the first quarter of the 2014-15 fiscal, from USD 21.8 billion (4.8 per cent of GDP) in the year-ago period. The lower CAD was primarily on account of a contraction in the trade deficit contributed by both a rise in exports and a decline in imports, RBI said in a statement. Decline in imports was primarily led by a steep 57.2 per cent fall in gold imports. The CAD, which is the difference between the inflow and outflow of foreign currency, had touched a record high of USD 87.8 billion in 2012-13 fiscal mainly on account of steep increase in gold imports.

  • Globally, most Asian markets ended higher on Monday with China's benchmark share index Shanghai gaining the most. Shares in Japan ended marginally higher, amid low volumes, with most action seen in the broader market even as worries over the country's economic recovery capped upside gains. Markets in Europe were weak with all the major markets down.

  • Stocks having more headroom are moving up, says Ashwani Gujral. 8250 is the next port of call. But these are all milestones, because in a bull market, you will continuously make new highs. What is important is that we were in a very narrow range for the last 8-10 sessions and from there we have achieved a breakout. Cyclicals are performing. Hence, more up-moves are possible now, he says.

  • Expect Nifty to touch 8050-8100 levels in short term, says Gaurang Shah of Geojit BNP Paribas Financial Services. It has been a decisive breakout and a historical day for both the Sensex and the Nifty. Going forward, there is still some steam left on both the indices to move higher from hereon. This, along with supportive domestic cues that we have seen already, and upcoming positive IIP and inflation numbers, incremental upside is definitely there, he adds.

NIFTY 3-Month

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