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Market Report

Monday, 17-Nov-2014

NSE

  • Sensex, the 30-share index, finally closed at 28177.88 today, up 131.22 points or +0.47 per cent. It touched a record high of 28205.71 and a low of 27921.34 in trade today. Tracking the momentum, the 50-share Nifty index also managed to bounce back from key support levels to hit its fresh lifetime high of 8438.10. The index finally ended at 8430.75 today, up 40.85 points or +0.49 per cent.

  • The Nifty closed above 8,400 for the first time after data showed that trade deficit in October narrowed compared to the previous month. Our market saw strong buying in the last one hour of trade, pushing as much as 282 stocks to fresh 52-week highs on the BSE which include names like State Bank of India, HDFC Bank, Infosys, Tata Motors, Bajaj Auto, Asian Paints, etc.

  • Even as most of the Asian markets closed in red, led by Japanese share market after official data showed Japan's economy has dropped into a recession, the Indian benchmark indices managed to bounce back in the afternoon trade to hit their fresh all-time high levels on the back of better-than-expected trade data. Trade deficit for October declined to $13.35 billion vs $14.3 billion, month-on-month (MoM). India's exports in October slipped to $26.09 billion vs $28.9 billion, MoM while imports declined to $39.4 billion vs $43.2 billion, MoM. However, gold imports jumped to $4.17 billion from $1.09 billion a year ago.

  • Goldman Sachs expects RBI to cut rates in February & April. While the initial target of 8 per cent for January 2015 is not a concern, the 6 per cent target for January 2016 has some risks, Goldman Sachs said in a report. The global investment bank expects the RBI to cut by 25 bps each in February and April. The main driver of this view is their commodities team's forecast of weak oil prices through 2Q2015.

  • Next 15 days may be dominated by PSU banks and PSU financials, says Ashwani Gujral. These kind of stocks are likely to move, and you may not see great movement on Bank Nifty or IT. But these last 100-150 points on the Nifty, may be dominated by these spaces outside the tradable indices. So you have to figure out where the action is instead of just blindly going and buying Nifty or Bank Nifty, he warns.

  • 8550-8600 range looks next logical target for Nifty, says Mitesh Thacker. The index heavyweights have started to participate and that is a positive sign so the Nifty should do well. There should be no worry on the downside unless and until we are breaking below levels of 8330-8340. There is some loss of momentum. But you have to take turns and you have to identify when a stock is giving a breakout. For the time being though, autos and a couple of banking names remain very strong, he says.

NIFTY 3-Month

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