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Market Report

Thursday, 30-Oct-2014

NSE

  • History was created at the stock market today on Expiry day. The S&P BSE Sensex surged 6,060 in last 52-weeks to hit an all-time high of 27390.07 in trade today. It ended at all-time closing high of 27,346.33, up 248.16 points or +0.92 per cent. The index touched an intraday low of 27088.65. The Nifty has rallied 1,870 points in the last one year to hit an all-time intraday high of 8,181.55 today. It closed at 8169.20, up 78.75 points, or +0.97 per cent, which is just below the all-time closing high of 8173.90 hit on 09-Sept-2014. The intraday low for the Nifty was 8,085.20 today.

  • The benchmark indices ended at all-time closing highs even as the US ended its Quantitative Easing program but maintained status quo on interest rates. The government's announcement of FDI norms for real estate sector also boosted investor sentiment. The market recorded its highest ever turnover at Rs 10.5 lakh crore which gave very good volumes and positive FII/FPI participation. See our 'Market Statistics' page, According to analysts, the market is in a bull-grip and the momentum is likely to take Nifty to 8,300 in the November series itself.

  • Globally, Asian markets ended mixed with some recovering from their day's lows. Shares in Japan rose with the benchmark Nikkei rising 0.7%. European shares pared early gains and were trading lower at the time of writing. The Indian Rupee was trading at Rs 61.43 compared to the previous close of Rs 61.35 after the US Federal Reserve expressed confidence about growth in the economy.

  • Nifty looks set to hit fresh highs in November series, says Chandan Taparia of Anand Rathi. PCR has moved up from 0.86 to 1 level towards the expiry week, which clearly indicates that put writers are quite comfortable and are expecting the market to at least hold the current levels. Low volatility indicates that traders are ruling out any kind of panic or major sell-off on the index. Overall sentiment is positive and the index is holding well above its monthly volume weight age average of 7,930 zones. It indicates that the market is in bull-grip and this rally can extend to higher levels, he says.

  • We have seen an extremely good spirited sort of a bounce back and who would have thought that QE ending and close near 8,200 would actually coincide, said Ambareesh Baliga. We are close to the top end of the band and crossing these levels will be a bit difficult. In case we cross this, technically there is the possibility the markets can go up to 8350. But I still feel that a correction is overdue and I really don't know what could lead to that correction, he added.

NIFTY 3-Month

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