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Market Report

Tuesday, 11-Nov-2014

NSE

  • The 50-share index finally closed at 8,362.65, up 18.40 points or 0.22 per cent. It touched a high of 8,378.70 and a low of 8,321.85 in trade today. The S&P BSE Sensex closed at 27,910.06, up 35.33 points or 0.13 per cent. It touched a high of 27,996.92 and a low of 27,790.40 in trade today.

  • Tracking the momentum of the last few days, the 50-share Nifty index managed to recoup intraday losses today and closed above its crucial psychological level of 8350 to a fresh closing high, supported by gains in banks, autos, realty and capital goods stocks. The Nifty bounced back from the Support of 8320 on hopes that easing consumer inflation, data which is due tomorrow, would help pave the way for lower interest rates by RBI. Generating positive cues for the markets, a Reuters' survey has estimated the consumer inflation rate for the month of October to cool down to 5.8% from 6.4% in the previous month due to a sharp fall in food and oil prices.

  • Globally, Nikkei has outperformed its Asian peers and closed up around 2% on reports that Prime Minister Shinzo Abe may postpone a planned sales tax increase. The fixing of Novemeber 17 as the start date for a long-awaited tie-up between Hong Kong and China stock markets which will global equity investors to buy Chinese stocks from Hong Kong, boosted sentiments as shares in those markets were the strongest among major world markets. European markets have opened higher amid firm global cues.

  • Expect markets to have a decent run in coming years, says Krishna Kumar Karwa of Emkay Global. Things are falling in place for India, in terms of a stable government, falling crude prices and policy decision being taken as per expectations. So, we are possibly entering into is a long-term bull market. There could be corrections in the medium term, but otherwise on overall basis we are headed higher. We should get a fresh air of overseas flows. Also, domestic investors have turned positive, he adds.

  • Expect Nifty to touch 9,000 by June 2015, says Tushar Mahajan of Nomura. The way the sentiment is right now, we should probably see a slower grind to further higher levels from here. Our own sense is that the series should probably end somewhere between 8400 and 8500. 8440-8450 is more like it. That is also where we see serious amounts of open interest concentration as well. Six months down the line, hopefully by June 2015, we should see levels around 9000 on the Nifty. he says.

NIFTY 3-Month

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