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Market Report

Monday, 03-Nov-2014

NSE

  • The Nifty ended in the positive territory for fifth straight session even as the bulls focused on broader markets. The index hit an all-time high early in the session but pared most of the gains as the session progressed. It ended at 8,324.15, up 1.95 points or +0.02 per cent. It touched an all-time high of 8,350.60 and an intraday low of 8,297 in trade today. The S&P BSE Sensex closed flat at 27,860.38 today, down 5.45 points or -0.02 per cent. It touched an all-time high of 27,969.82 and an intraday low of 27,785.40 in trade today.

  • Nifty turns 20, on track to hit 9000 in next 12 months. The National Stock Exchange, which was set up by the government to break the BSE's ( Bombay Stock Exchange) monopoly in the stock market, went live with its capital market (equities) segment on 03 November 1994. The index, which has already rallied nearly 32 per cent so far in the year 2014 to a new record high of 8350.60 in trade today, is well on track to track to hit the levels of around 9,000 in the next 12 month and a level of 18,000 in the next four years, say analysts.

  • Foreign institutional investors have come back to invest in India in good measure. See our 'Market Statistics' page. FII/FPIs were net buyers in equities to the tune of Rs 1754.73 crore on Friday, and another 1412.34 crore today as per provisional stock exchange data.

  • We are bullish on the market for the next few years, says Jyotivardhan Jaipuria of Bank of America Merrill Lynch. In fact, our view is that the markets will double over the next four years. In between that, of course, we will get a lot of corrections. Most people think that India is the place to be over the next one year, over the next four years, he adds.

  • Given the size of the move that we had last week we should move sideways for the next few days and allow the midcaps, small cap to catch up, says Ashwani Gujral. Overall trend remains up. May be we will get down to 8150-8200 before we resume. The problem in moving up now is that the stocks and the large cap indices are a bit over extended. While they consolidate and other stocks move up, we could be in a bit of a range which could be 8250-8350 band, he says.

  • Mid cap stocks will outperfrom large caps, says Mitesh Thacker. The up move started from levels of 7730 and reached around 8330. It is 600 point which has already happened in the space of about 9 to 10 sessions. There is some kind of extreme overbought tradings on the index as well as some of the large cap names. The next few days could see the index consolidate. The first level in the downside will be around 8250, possibly 8180. I do not see the index falling much below 8180 or breaking that on a closing basis, he says.

NIFTY 3-Month

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