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Market Report

Wednesday, 03-Dec-2014

NSE

  • The S&P BSE Sensex closed 1.3 points lower, which denoted zero per cent change, at 28442.71 today. It hit a low of 28370.73 and a high of 28504.65 in intraday trade. The wider based Nifty closed 12.95 points, or +0.15 per cent, higher at 8537.65 today. It hit a low of 8508.35 and a high of 8546.95 in intraday trade.

  • Markets ended flat - so flat that one index closed red while the other closed green - amid a choppy trading session, weighed down by profit taking in select index heavyweights even as the total market capitalisation on the BSE touched nearly Rs 100 trillion on a closing basis. Total market capitalisation on the Bombay Stock Exchange stood at Rs 99,63,758 crore, as per data released on its website.

  • Sentiments got some support as the HSBC services Purchasing Managers' Index (PMI) rose to five-month high at 52.6 in the month of November from 50 in October. Even though the S&P BSE Sensex moved in a narrow range throughout the trading session on Wednesday, but over 200 stocks managed to hit their fresh 52-week highs on the exchange.

  • Globally, Japan's Nikkei stock average finished at its highest level since July 2007 and China's Shanghai Composite ended marginally higher. However, Hang Seng and Straita Times indices ended down. European shares were trading marginally higher on Wednesday following the bullish trend set by markets in Asia and the US.

  • From being amongst the least preferred markets more than a year ago, India has climbed up the charts to being amongst the most preferred markets to invest in, says a report by global brokerage firm Macquarie. The Nifty has given around 36 per cent returns in 2014 so far this year as against 4 per cent return for MSCI World Index and is expected to give another 16 per cent return over the next 12 months, which should take the Index to 9,960 points, the report said.

  • Expect large caps to consolidate, says Ashwani Gujral. Large caps seem to be going into a consolidation, while midcaps are doing a bit of a catch up. Overall, it's not been an extraordinary day for the large caps. You have to look in the broader markets to find some action, he adds.

  • Market may correct by about 120-200 points, says Mitesh Thacker. Some kind of consolidation is already on. It's been four days when the markets have been in this range of about 8,500 to 8,620 on the upside. Broadly we have not broken below 8,500 despite testing that level five or six times on intraday basis. In case we have a break below 8,500, and there is some kind of negative global news, then we might have some more corrective decline, mostly led by profit booking, to the levels of about 8,400. So it should be about 120 points to begin with, maybe maximum 200 points, he says.

NIFTY 3-Month

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