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Market Report

Monday, 22-Sept-2014

NSE

  • Sensex, the 30-share index, ended at 27,206.74 today, up 116.32 points or +0.43 per cent. The index swung 336 points from day's of 26918.93 to touch intraday high of 27,254.80. The Nifty ended at 8,146.30 today, up 24.85 points or +0.31 per cent. It touched a high of 8,159.90 and a low of 8,064.80 in trade today.

  • Our markets staged a strong pull-back in the afternoon and closed above 27,200 for the first time in eight sessions even as the global markets remained subdued. According to analysts, pick-up in buying activity in oil & gas and private banks helped the benchmarks to move higher. However, the Nifty is expected to trade in a range in absence of strong inflows.

  • Small & midcap stocks may witness a little bit of selling pressure, says Gaurang Shah of Geojit BNP Paribas Financial Services. Given the fact this is an F&O expiry week, this consolidation and a little bit of profit booking was expected in the market. By my understanding, this negative bias could continue but not with any deep or sharp cuts, though certainly, volatility could be the order of the day, he adds.

  • We may not be ready for new highs yet, said Ashwani Gujral. Well, it was a fairly lacklustre close today. Yes, we bounced back from the lows but I would have liked a more substantial upside. The underlying price action was not impressive, because had this been a genuine pullback or a rally after a pullback, we would have made highs today itself. However, even at the close, the market retreated from 8160. Chances are we are in some sort of sideways mode. Given the way we have traded on Friday and today, it does not seem like the market will go up with great force, he says.

  • Expect 5-7% correction in market till October, says Jyotivardhan Jaipuria, BofA-ML. I am quite bullish from a three-four year perspective and we think earnings and markets could double out over four years. But, our view, from here till the end of October, is that we see the markets lower by around 5% to 7%, he says.

NIFTY 3-Month

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