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Market Report

Wednesday, 03-Sept-2014

NSE

  • The 30-share index closed at 27,139.94 today, up 120.55 points or +0.45 per cent. It touched a fresh record high of 27,225.85 and a low of 27,067.02 in trade today. The Nifty ended at 8,114.60 up 31.55 points or +0.39 per cent. It touched an intraday high of 8,141.90 and a low of 8,092.25 in trade today amid upbeat US economic data.

  • The benchmark indices continued with their record-breaking rally for the ninth straight session today, buoyed by media reports of Russia-Ukraine ceasefire. The rally in the indices was also fuelled by strong inflows of foreign funds on encouraging GDP data for the April-June quarter and narrowing CAD. The market capitalisation of the BSE hit an all time of Rs 94,98,164 crore.

  • Foreign Portfolio Investors (FPIs) bought shares worth a net plus of Rs. 1288.57 crore today and a net plus of Rs 672.81 crore yesterday as per provisional data from the stock exchanges. We also saw good volumes in trade today. See our 'Market Statistics' page.

  • Globally, Japanese shares hit a seven-month high today to end at 15,728.35 up by 0.3%, with financial shares leading the gains, in the hope a cabinet reshuffle by Prime Minister Shinzo Abe. Activity in China's services sector rebounded in August after a drop in July. And, European stocks surged and are trading firm in a narrow range ahead of ECB policy meeting.

  • Ashwani Gujral said today: Ceasefires happen where there is war. There was only drama in Ukraine in the last two months. So, I do not know what ceasefire we are talking about. The markets will keep on going up because they knew finally this will happen. Now consolidation will happen at 8100, 8200, 8500, 8800, that is part of the game. You should hang on to your long positions because right now, there is not enough evidence that this current rally is ending. As I have been saying that I am not very impressed with this rally, 30-40 points hardly during the day, he added.

  • See a case for a big upside in market, says Hemang Jani of Sharekhan. Things are looking good. A lot of things are going for us. The risk appetite seems to be coming back both at the investor level as well as the corporate level. The extent of correction and the timing are always going to be tricky. I would not try to venture into that part, but we think that there is a case for a substantial up move from the current levels, he says.

  • Indian markets will enter bubble zone once Nifty breaches 8,500-9,000 say Analysts. When the market rallies ahead of fundamentals, the scenario is often related to that of a 'bubble'. So, is there a bubble building in the Indian stock markets? Well, not at present, but if the Nifty rallies past 9000 in 2014, then there could be a possibility. Consider this, in the last 16 days we have seen 5 gap-up openings on the index, which have already pushed benchmark indices to record highs. The rally may continue for another 3-4 months, but beyond 9200 is the level when we will enter the bubble zone, they say.

NIFTY 3-Month

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