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Market Report

Friday, 17-Oct-2014

NSE

  • The 30-share Sensex reclaimed the 26,000-mark by rising 109.19 points, or +0.42 per cent, to end the session at 26,108.53 after climbing to 26,248.54 intra-day. The surge comes after the barometer lost 384.73 points in the previous two sessions. The 50-scrip NSE index Nifty also recovered by 31.50 points or +0.41 per cent, to close at 7,779.70 today. Intra-day, it regained the 7,800-mark to touch the day's high of 7,819.20.

  • The benchmark indexes today rose for the first time in three sessions and ended higher led by gains in shares of Hero MotoCorp, HDFC Bank, BHEL, M&M and SBI, amid rebound in global markets after positive US data. Sentiments also buoyed on mixed closing on other Asian markets and a rally in the European markets after positive US data. Besides, encouraging corporate earnings and exit polls showing the BJP gaining majority in Maharashtra and Haryana Assembly polls triggered fresh spell of buying by participants, brokers said.

  • The Indian market -- which rallied by over 24 per cent so far in the year 2014, outperforming most of the developed markets (DMs) and emerging markets (EMs) -- came under a bit of selling pressure in the month of October, but managed to show restrain. The BSE Sensex has slipped over 600 points or a little over 2 per cent so far in the month of October alone. The weakness in the Indian markets was largely led by relentless selling by FIIs who sold nearly Rs 4000 crore of Indian equities in the same period.

  • Expect market to remain volatile for some time, says Ashu Madan of Religare Securities. When we get totally dependent on global markets, we see this kind of volatility. The bull run is already in place and everybody gets complacent of this fact. Infosys came out with the positive results. We got excellent inflation numbers. The distribution is taking place. Every positive news flow is being encountered by distribution. So, the upside remains limited. The doors are open for downside. It is very difficult to say whether we will be breaching 7600, but the fear is there. But I would not be surprised even if the Nifty does not go anywhere or down and we still manage to cross Bank Nifty 16,000 plus, he says.

  • Don't see 7850 being crossed in a hurry, says Sandeep Wagle. Stock specific is the way to be and the next week should see the banking stocks outperform and the Nifty is not showing that kind of strength the way it closed. It gave away the gains it had generated for most of the day. In that sense, it is not clear in terms of the action but banking stocks are a little positive, he adds.

  • Nifty to not cross 7950 levels on global turmoil, says Ashwani Gujral. Earlier what used to happen was if the globe goes down 2% we used to go down 6%. That is not happening now. It is a big positive but as long as there is turmoil and all kinds of choppy action, I do not think we will do substantially better than 7950. When the globe falls, we have to fall in sympathy but whenever the globe looks like it is looking for a pullback rally or it is trying to move higher, we will outperform on the upside, he asserts.

NIFTY 3-Month

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