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Market Report

Wednesday, 29-Oct-2014

NSE

  • The 30-share index ended at 27,098.17, up 217.35 points or +0.81 per cent. It touched a high of 27,126.30 and a low of 26,971.16 in trade today. The Nifty closed at 8,090.45, up 62.85 points or +0.78 per cent. It touched a high of 8,097.95 and a low of 8,052.25 in trade today.

  • The S&P BSE Sensex, after being rangebound for most part of the session, gained momentum in the last one hour of trade to finish near day's high, ahead of the October derivatives expiry and ahead of the outcome of the two-day US Fed meet which ends later today. According to analysts, sentiment on global markets turned bullish on hopes that the US Federal Reserve may not signal earlier-than-expected rate hike at the FOMC meeting.

  • The Sensex is only 257 points away from its all-time high of 27,354.99 and 222 from all time closing high of 27,319, recorded on September 8. If the global markets remain supportive and the rally continues, the benchmarks may hit fresh highs in next couple of sessions. However, the rally in Bank Nifty finally ran out of steam as bulls took a breather after seven-day upmove. According to analysts, traders are booking profits in banks after the sharp surge, and the index may consolidate in the near term.

  • More than global cues, government action will determine market movement in near term, says P Phani Sekhar of Angel Broking. Globally, the slowdown in growth rates has dampened the sentiment quite a bit, but that is more or less factored in risk assets. You have commodities that have corrected significantly, you have equity markets that have been volatile. But the action is actually in India and I strongly believe that our future in the next six months in terms of equity markets will be more determined by what New Delhi does than what happens across the globe, he says.

  • Market gearing up for good upside going ahead, says Hemang Jani of Sharekhan. Overall, the market sentiment is extremely positive and we think that given the better domestic macro environment and the fact that we are in the earnings upgrade cycle, things should look up and the big trigger for the market could come in from the rate cut which the market is hoping for in the next three to four months' time. There could be a bit of volatility in the short run, but we think that given the strong earnings growth that we are likely to witness, there should be a good upside in the near-term, he says.

NIFTY 3-Month

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