IntradayTrade dot Net dot IN
Market Report

Friday, 26-Sept-2014


  • After touching a low of 26,220.49 points in early trade, the 30-share Sensex bounced back to close higher by 157.96 points, or +0.60 per cent, at 26,626.32 today. Intra-day, it touched a high of 26,721.03. The gauge had lost 738.38 points in the previous three sessions in line with weak global cues and the Supreme Court's verdict on coal block allocations. The 50-share Nifty of the National Stock Exchange also snapped a three-day losing streak and recovered by 57.00 points, or +0.72 per cent, to close at 7,968.85 after shuttling between 7,841.80 and 7,993.30 in intraday.

  • Indian shares rose today to snap a three-day losing streak as rate-sensitive stocks such as IDFC Ltd jumped after Standard and Poor's raised India's sovereign credit outlook to "stable" from "negative". The S&P said the government mandate and improved political setting offered a conducive environment for reforms in Asia's third largest economy.

  • The impact of the rating upgrade was the most on the Indian rupee which surged to Rs 61.11 to the US dollar against the previous close of Rs 61.34. Globally, Asian shares ended mixed. Shares in Japan ended lower with the benchmark Nikkei ending -0.9% down. European shares were trading mixed as overnight losses on Wall Street dampened sentiment.

  • Not bearish at current levels, says Sandeep Wagle. We have a big truncated week coming. I do not expect too much of an action in the next week. 7850-7860 has acted as some kind of a support and I would not be that bearish at the current levels. At higher levels, you may witness some selling, 8050-8060. So broadly, 7850 to 8050 is the range and more stock specific action within that. I would not say that the markets will run away and we will make a new top immediately, he says.

  • Markets likely to see some corrections; advise a stock-specific approach, says Rahul Shah of Motilal Oswal Financial Services. The way the markets have been choppy and have been on the negative side since the last couple of days, I believe you might see some more correction. The long-term market looks alright. You might see some corrections on the Nifty of, say, around 100-150 points. The approach should be stock-specific. I do not think that any major correction is on the cards, he adds.

NIFTY 3-Month

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