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Market Report

Friday, 21-Nov-2014

NSE

  • The BSE Sensex rose sharply in trade today, to hit a fresh lifetime high of 28360.66, while the Nifty rose 88 points in intraday to hit a fresh record high of 8489.80, just a shy away from hitting 8500 levels. The Sensex finally closed at 28,334.63 today, up 267.07 points or +0.95 per cent. It touched a high of 28,360.66 and a low of 28,038.40 in trade today. Tracking the momentum, the 50-share Nifty index finally closed at 8,477.35 today, up 75.45 points or +0.90 per cent. It hit a high of 8,489.80 and a low of 8,398.60 in intraday trade today.

  • The markets scaled fresh all-time highs led by a strong rally in banking shares following Kotak Mahindra Bank's acquisition of ING Vysya. Further, strength in the global markets lifted the sentiments of the market participants. Investors will watch out for Monday as the parliament convenes its winter session in which the government is confident of passing legislation to allow more foreign investment in the insurance industry.

  • According to experts, the markets have rallied a lot in a short span of time ahead of earnings as well as fundamentals of the economy which are still catching up. So, even a slightest bit of disappointment on reforms or any negative news from the global front may bring the markets sharply down.

  • Globally, Japanese shares edged up after PM Shinzo Abe dissolved parliament's lower house in preparation for an election in which he will seek a fresh mandate for his struggling economic revival strategy. Chinese shares too gained as pressure of profit-booking eased and fresh buying was seen. European markets are trading firm on strong economic data from US and Chinese rate cut.

  • See correction post 100 points rise in Nifty, says Ashwani Gujral. Nifty made a new high but momentum has failed to follow through which means that with rising market, you have a declining momentum. It is now a narrow market which is going up and that is never a positive. So I would think that maybe 100 odd points and then we should start to get into a correction because this late breakout, they do not often sustain for a long time, he says.

  • Look at the range of 8600-8650 on upside, says Mitesh Thacker. Momentum has clearly slowed down but my overall belief is that we still do not have a signal of trend reversal. It can still be a one day phenomena. So for the time being I will maintain a positive bias unless and until we see ourselves getting below 8400. Look at targets in excess of 8600 to about 8650 on the upside, he says.

NIFTY 3-Month

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