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Market Report

Monday, 10-Nov-2014

NSE

  • Nifty, the 50-share index closed at all-time closing high of 8,344.25, up 7.25 points or +0.09 per cent. It hit a record high of 8,383.05 and an intraday low of 8,304.45 in trade today. The S&P BSE Sensex ended at 27,874.73, up 6.10 points or +0.02 per cent. It hit a record high of 28,027.96 and an intraday low of 27,764.75 in trade today.

  • Markets rebounded from their day's lows after hitting record highs earlier on renewed buying in defensive shares. The Nifty ended at all-time closing high even as it gave away most of the intraday gains in a rangebound session. Indian markets have rallied on the hopes of higher economic growth on the back of a reform push by the Modi-led government, which has also fuelled a rally in cyclical stocks or economy-related stocks

  • Globally, Asian shares gained on Monday after US jobs data pointed to solid economic growth. In Europe, the major markets started in green.

  • Another rally on the cards, says Ashwani Gujral. If you see the last four days on the Nifty, they have been extremely narrow-range days. Even today, you hardly have 55-60 points. So this is just building up for possibly another rally. So instead of market correcting, it is kind of moving sideways to work off the overbought zone. But this narrow will finally resolve into a large move and that is what people should watch out for but for that we need the large sectors to participate, he says.

  • Nifty to remain sideways around 8290 levels, says Mitesh Thacker. It is more of sideways action, even in the month of October when we were declining the correction lasted by only about 250 to about 300 points. So overall the trend should be firmly on the upside. The last few days, particularly leading from the October expiry, we have had a good rally for about six-seven days. So that cooling off process is going on. For the time being, Nifty will remain sideways around 8290 levels, he adds.

NIFTY 3-Month

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