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Market Report

Thursday, 20-Nov-2014

NSE

  • The BSE Sensex finally closed at 28,067.56 today, up 34.71 points or +0.12 per cent. It touched a high of 28,118.53 and a low of 27,915.23 in trade today. Tracking the momentum, the 50-share Nifty index finally closed at 8,401.90 today, up 19.60 points or +0.23 per cent. It hit a high of 8,410.85 and a low of 8,360.50 in intraday trade today. The Nifty did well to get back to 8400-level today.

  • Shares edged up in the late hours today as exporters such as Infosys Ltd rallied after the Rupee fell to a nine-month low, although the weaker local currency tempered hopes of interest rate cuts. However, selling pressure in select metal, auto and bank shares capped the upside gains. At 15:35, the Rupee was trading at 62.02 vs Wednesday's close of 61.96/97. The Indian unit had earlier fallen to as low as 62.22, the lowest level since Feb 20. It shed losses late in the day as custodian banks sold dollars for their foreign fund clients, according to traders.

  • Some analysts say that the index might take a breather ahead of the winter session of Parliament next week and RBI's policy review due on December 2, while some see it as a routine profit booking at higher levels. Another factor which is bothering analysts is the fact that the September quarter earnings were not that great and the markets might have well rallied ahead the earnings growth actually come through.

  • Globally, Japanese stocks were steady today as a further weakening of the yen boosted market sentiment. Hong Kong shares posted a fourth day of losses today since the launch of the landmark Shanghai-Hong Kong stock connector scheme. Europe is trading deep in the red and the US markets have also opened in red, as of this writing.

  • CNX IT and Pharma to help Nifty hold 8350 levels, says Ashwani Gujral. 8350 is safe and maybe we could have a couple of positive days from here. If we can more or less defend 8340-8350 over the next few sessions, that will strengthen the market quite a bit. So for the moment, I am not too sad about the way the things have worked out. 8350 has held on for another day. For tomorrow as well, I believe that pharma and IT should workout but there would be a few other sectors which could play supporting roles, he adds.

NIFTY 3-Month

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