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Market Report

Monday, 24-Nov-2014

NSE

  • The benchmark BSE S&P BSE 30-share Sensex today resumed higher and registered its intra-day historic peak of 28,541.96. It settled at a new closing high of 28,499.54, up by 164.91 points or +0.58 per cent. In straight three trading sessions, it has risen by 466.69 points or 1.66 per cent.

  • The wide-based 50-issue CNX Nifty of the NSE also touched its fresh intra-trade high of 8,534.65 and ended at yet another new closing peak of 8,530.15, showing a rise of 52.80 points or +0.62 per cent. The Nifty index rose handsomely to end above 8,500 for the first time ever on hopes of big-bang reforms in the ongoing winter session and growing expectations of more stimulus measures from China and Europe. Good capital inflows helped them extend gains for the third straight trading session.

  • Short-coverings ahead of the expiry of November contract on Thursday and rolling over of positions to next series also aided the market sentiment, brokers said. Sentiments were positive from early trades, mainly driven by China's surprise move to cut interest rates for the first time in more than 2 years. Furthermore, sustained inflows on expectations of more economic reforms by government and firm global cues also gave a boost, said market experts.

  • Globally, Asian market barring Singapore, which closed just in negative terrain, others finished in the green after US stocks reached another record on last Friday and China's unexpected interest-rate cut stoked optimism. In Europe, a survey on German business confidence for November month helped the main indexes rise at last report.

  • See trailing stop for Nifty at 8450 levels, says Ashwani Gujral. It is clear that the market breadth is declining. These indices are so skewed that you move five stocks and they can move up but if you see what is happening behind those five stocks that is not very encouraging. We are in a territory where you should at least trim your positions and carry only modest positions so that when it starts turning you do not have to run for the exits. So, people should be cautious because you had a 10% plus rally and basically tighten up your stops as we move forward. My trailing stop now would be 8450, he says.

  • Market unlikely to pose any problem to long-term investors, says Lalit Nambiar of UTI Mutual Fund. The long-term story in India is visible to everybody. All global analysts are gung ho, but some of them are waiting for some kind of correction to get in because valuations can still be a little difficult to digest given that in this particular bull market, it does look like the earnings are going to be a little back-ended and sentiment has driven up stocks quite a bit, he says.

NIFTY 3-Month

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