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Market Report

Friday, 28-Nov-2014


  • The S&P BSE Sensex closed at 28,693.99 today up 255.08 points or 0.90 per cent. It touched a record high of 28,822.37 and a low of 28,483.99 in trade today. The wider-based Nifty closed 94.05 points, or +1.11 per cent, higher at 8,588.25 after touching a record high of 8,617.00 in intraday today.

  • The markets surprised everyone with over 100 points intraday rally on the Nifty today after the Organization of the Petroleum Exporting Countries (OPEC) decided to keep oil production unchanged even as prices have crashed. It has come as a boon for Indian markets and Indian economy as crude oil prices impact not only current account deficit but fiscal deficit and inflation as well.

  • The Indian stock market created history today as the total investor wealth hit a record high of Rs 100 trillion in trade on the BSE, which also puts it among the ten largest exchanges of the world in terms of total market capitalisation of listed firms. The BSE closed with a total market capitalization of Rs 99.76 trillion, just a tad shy of the Rs 100 trillion mark which it hit earlier in trade today. The total market cap of all BSE-listed companies had crossed Rs 10 lakh crore mark nearly 11 years ago in 2003, while it has doubled from about Rs 50 lakh crore five years ago in 2009, PTI quoted.

  • After market hours: Q2 GDP growth was reported at 5.3% vs 5.2% YoY; slower than Q1 growth of 5.7% but much higher than expectation. It was expected at 5% by the Street. Experts say, India GDP growth appears to have bottomed out and will gradually recover with the implementation of various pro-growth policies by the Modi-led government.

  • There is a clear bias towards large caps, says Ashwani Gujral. The market breadth is 858 to 597 advance to decline. Midcap is not participating with the same fervour that it was earlier. The PSU banks are doing well. Pharma is not doing as well. IT is kind of lacklustre. With this crude price fall, PSU energy, autos, PSU rate sensitives sort of theme could play out for the next 10-15 days. It is a euphoric phase now. This could continue another 200 points on the Nifty. 8450 is now the trailing stop and another couple of 100 points could happen if you get few more days like this. Then you get fairly close to the highs of the market, he says.

  • After experiencing a great rally so far this year, the Indian markets still have plenty of room for a substantial move from the current levels, says Rohit Gadia of CapitalVia. While talking about the next target for the Indian equity markets in the next 6-12 months, we are expecting the Nifty to test the level of 9800-10000 and for Sensex we are expecting the level of 32600-33000, he adds.

NIFTY 3-Month

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