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Market Report

Tuesday, 02-Sept-2014

NSE

  • The S&P BSE Sensex closed at 27,019.39 today, up 151.84 points or +0.57 per cent. It touched all-time high of 27,082.85 and a low of 26,886.22 in trade. The 50-share Nifty index ended at 8,083.05, up 55.35 points or +0.69 per cent. It touched all-time high of 8,101.95 and a low of 8,036.55 in trade.

  • As the Modi government completed 100 days today, the Indian markets were on a roll. As many as 323 stocks touched 52-week high in an overall robust stock market where the Sensex hit fresh life-time high today. The Sensex has jumped 1,100 points in just 12 trading sessions. The market capitalisation of the BSE hit an all time of Rs 94,43,734. The rally in the indices was fuelled by strong inflows of foreign funds buoyed by encouraging GDP data for the April-June quarter and narrowing CAD.

  • Globally, Asian markets gained on Tuesday with Nikkei and Shanghai Composite rising the most. European were trading with gains in early trades on Tuesday, tracking gains in China and Japan, ahead of key economic data in the euro zone. The Indian Rupee was trading lower at $60.67 against the previous close of $60.52 shrugging off gains in the domestic stock markets.

  • Expect market to consolidate before going higher, says Arvind Sethi of TATA AMC. Until a few months back, retail participants were staying away and only high net worth individuals had invested into the market. However, from the August data, it is clear that retail investors are coming back and it is a huge positive. When you have a bull market like this, it is difficult to stand in its way. In my opinion, the market will consolidate for a while, but it is impossible for me to predict what lies next in the short term. However, the market certainly wants to go higher and will go higher, he adds.

  • Don't see any major correction in Nifty before 8200-8250 levels, says Sandeep Wagle. The moment the Nifty broke 8000 and the force with which it did so, we had a target of 8200-8250 immediately. Probably even at that level, you may not see a bigger correction. We may go beyond and the market may surprise us on the upside. Individually there will be stocks which will go up and come down, however, the bias remains on the upside, he adds.

  • Expect Nifty to go up by 2-3% in next 10-15 days, says Ashu Madan of Religare Securities. At this level, participation is still very low and people are still in a denial mode, in spite of all the buzz around the positive talk. I feel that gradually the Nifty will move up and we could see a 2% to 3% rise in the next 10-15 days. I will not be surprised if the Nifty crosses 8300 convincingly, which is another 200 points from here, he adds.

NIFTY 3-Month

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