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Market Report

Wednesday, 22-Oct-2014

NSE

  • After gaining 576.31 points in the previous three sessions, Sensex, the 30-share bluechip index continued its upmove and touched the day's high of 26,818.33 before finally closing at 26,787.23 -- up 211.58 points, or +0.80 per cent. The National Stock Exchange index Nifty rose by 68.15 points, or +0.86 per cent, to close at 7,995.90 after crossing 8,000-mark intraday trade.

  • The Samvat year 2070 ended on a cheerful note with benchmark Sensex today surging over 211 points to end at one-month high on renewed optimism after stellar showing by the BJP in state Assembly elections and after Modi government announced a slew of economic reforms and hopes of the ongoing festive season giving boost to corporate earnings.

  • Samvat 2070 has been a blockbuster year for Indian stock markets with both the Sensex and Nifty hitting new life time highs of 27,354.99 and 8,180.20, respectively. The rally was fuelled by institutional buying on the back of a stable government following Narendra Modi-led Bharatiya Janata Party's landslide victory in the general elections and annoucement of various reforms to boost the economy. With markets ending positively on the last day of the Hindu Samvat year 2070, the Sensex has risen by over 26 per cent during this period. Investor wealth of BSE listed stocks has soared by Rs 25 trillion to end at Rs 93.32 trillion.

  • Expect market to remain bullish from this Samvat to the next but volatility is likely to continue, said S K Goel of Bonanza Portfolio. In this rally so far, IT, Pharma, Auto Consumer, Banking had been the leaders. Cements and Infra would do well in the coming year considering Modi government's focus has been on building new cities, he adds.

  • Tomorrow going to be a truncated session, says Mitesh Thacker. It might not do much to the index but on the stock specific side, you could see some action happening. I expect eventually the markets to head up so in case if there is any kind of intraday dip happening tomorrow or day after, I would be looking to possibly increase long positions, he says.

  • Expect markets to peter off around 8100-8200 levels in muhurat session, says Ashwani Gujral. What is clear from this market is that the institutional money is not back in any major way. That is the reason you gap up and then you become flat. Now, gaps are created through short covering so maybe short covering is happening but I do not think major flows are coming into the market. And I do not think anything big happens at muhurat session. You can call it symbolic, auspicious but the smaller the stock the better they tend to do. So I would at best ignore tomorrow's session, he adds.

  • On occasion of Diwali, there will be a special Muhurat Trading Session on Thursday October 23, 2014. NSE and BSE Cash, Futures and Currency markets will have normal trading between 6:30 PM and 7:30 PM. Pre-open for NSE Cash and BSE Cash is between 6:15 PM and 6:23 PM. We will not be covering this session.

NIFTY 3-Month

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