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Market Report

Friday, 19-Sept-2014

NSE

  • After opening in the positive zone at 27,139.39, the Sensex surged to touch the day's high of 27,247.17 on continued buying by foreign funds and retail investors on positive domestic and global cues. However, late selling at improved levels wiped off initial gains to close 21.79 points, or -0.08 per cent, down at 27,090.42 today. Intra-day, it had touched a low of 27,047.68. The gauge rallied 619.70 points in previous two sessions on the back of rising optimism over trade ties with China and Fed's continued pledge to retain rates at low levels. On a weekly basis, the Sensex gained 29.37 points as it registered its sixth straight week of rise.

  • The 50-share NSE Nifty index managed to close in positive zone with a marginal gain of 6.70 points, or +0.08 per cent, at 8,121.45 today, led largely by IT majors and Tata Group equities that rallied on upgrades from rating agency Moody's. The barometer moved between 8,160.90 and 8,105.35 during the session on alternate bouts of buying and selling. Sentiments turned somewhat weak and early gains were pared after participants preferred to book profits in recent gainers at prevailing higher levels, equity brokers said.

  • Globally, other Asian markets ended higher and European markets were in better form. The British pound rose sharply after a Scottish referendum on independence voted to stay with the United Kingdom, while Wall Street's overnight gains and Alibaba Group's scorcher of an initial public offering underpinned Asian shares. Japanese stocks soared to a seven-year high on Friday after the yen dropped sharply following the Scottish vote that prevented a break-up of the United Kingdom.

  • Current market conditions most suited for growth investors, says Bharat Iyer of JPMorgan. Corrections are part of the market. We are looking for gains of about 8% to 10% by the end of this fiscal year. Even the global cyclicals are not looking bad. You have a scenario where growth in the US is doing very well, the dollar is strengthening. So there is no reason why sectors like IT services and healthcare cannot continue to do well, he adds.

  • See IT stocks in a fairly strong uptrend, says Ashwani Gujral. The problem is ONGC and Reliance. Yesterday we rallied because of them and today we fell because of them. I do not think IT and banking stocks did much wrong and if ONGC and Reliance continue to be under pressure, then it is going to be a problem moving up. But clearly IT stocks are in a fairly strong uptrend. As long as private banks hold on, we should remain bullish even on banks. If we can resolve the private energy stocks issue, then chances are we should move up, he adds.

NIFTY 3-Month

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