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Market Report

Thursday, 18-Dec-2014

NSE

  • The 30-share Sensex barometer regained the 27,000-level at the outset and surged to the day's high of 27,180.92 before ending at 27,126.57, a rise of 416.44 points, or +1.56 per cent, its biggest single-session gain since October 31. The gauge rallied by 519.50 points on October 31. The index had lost 1,120.97 points in the previous five sessions on weak economic data and rising trade deficit.

  • The 50-issue NSE Nifty snapped its five-day fall and reclaimed its crucial psychological level of 8,150 level by rising 129.50 points, or +1.61 per cent, to end at 8,159.30 after soaring to 8,174.30, supported by gains in consumer durable, capital goods, metal realty and banking stocks.

  • The benchmarks surged today on value buying after recent sharp falls and hopes on tax reforms as the Cabinet cleared the long-pending GST bill. The domestic markets also followed a rally in global markets after the US Federal Reserve kept its monetary policy unchanged.

  • The Indian stock market is in the third week of correction, mainly due to negative global cues like crash in crude price and weakness in emerging market currencies. However, the ongoing correction in Indian stock market would not be prolonged and India could be least affected by the global crises, said brokers and analysts participating in a poll. A majority of the brokerages said the Nifty would rally 600 points from the current levels before the Union Budget. According to the poll of 10 brokers and fund managers, the Nifty would touch 8600 before the Budget and the rupee could stabilise between 62 and 63 in the next three months.

  • See more profit booking in markets towards year-end, says Prakash Diwan. The downward move, of course, was led by global cues. The recovery too has happened out of the reaction that we have had from overseas cues. My sense is that as we get closer to the year-end, particularly the calendar year-end, we could probably see some more profit taking. There are still a lot of areas where there is profit, he says.

  • Rally will pick up steam if 8160-8200 is crossed on Nifty, says Ashwani Gujral. This is the point from where we returned in the previous intermediate rally. Once we get past the next 40 points and chances are that we should resume a rally again given that Russia does not seem to be blowing out in a phase. You still have doubters who are basically waiting for this range to be crossed so more short covering will happen. We had volatility today, but as long as we broadly stay above 8100 we should have higher levels ahead, he says.

  • Expect Nifty to move in 8,000-8,250 range for some time, says Sandeep Wagle. There are early signs that the bottom has been made. We may move between 8,000 and 8,250 for some time. But to say that the bottom is made and now we are on our way to 8,600, would be calling the shots too soon. I do not think that is the scenario. I am not undermining the rally. The market has closed at the high of the day after testing 7,950. It has bounced back from strong supports. The rally may continue to 8,200-8,250 and my first port of call would be 8,200. Then I would talk of a bottom, he says.

NIFTY 3-Month

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