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Market Report

Tuesday, 28-Oct-2014

NSE

  • The 30-share BSE Sensex index, after opening firm at 26,788.73, improved to touch day's high of 26,907.14. It settled with a net gain of 127.92 points, or +0.48 per cent, at over one-month high of 26,880.82. Yesterday, Sensex shed 98.15 points on profit-booking. The 50-share NSE Nifty recovered 35.90 points, or +0.45 per cent, to close at 8,027.60 after shuttling between 8,037.80 and 7,995.05 in intraday. It had shed 22.85 points yesterday.

  • The benchmark Sensex today rebounded to end at over one-month high and Nifty reclaimed the 8,000-mark on the back of good corporate earnings and rising hopes of a cut in interest rates. Pharma, banking and power shares led the rise, amid positive cues from global markets as Europe opened higher. Continued fall in global crude oil prices, which will help India cut current account deficit and ease fuel price inflation further, also buoyed sentiments, brokers said.

  • I do not see too much of correction and 7800 will act as a good base, says Sudip Bandyopadhyay of Destimoney Securities Pvt Ltd. The indications are positive for India. Even if the global markets become soft, the market for them to invest in will be India, and India will continue to attract a lot of foreign investment. Domestic retail is also getting into the act. A couple of good IPOs and we could end up seeing a lot of retail investors coming back to the market, he adds.

  • Market witnessing mild rally; current trend due to lack of fund flows, says Ashwani Gujral. Every day you have new sectors that shows you something extraordinary. Today was pharma, tomorrow could be something else. It basically shows you a lack of fund flow. But if you keep away from stocks which are at six month lows etc, you would be much better off. So there is a segment of the market that continues to move up, it is best to stay with that segment, he says.

NIFTY 3-Month

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