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Market Report

Monday, 22-Dec-2014

NSE

  • The Sensex finally closed 329.95 points or +1.21 per cent higher at 27,701.79 today. It hit a high of 27,725.27 in intraday. Tracking the momentum, the 50-share Nifty index also managed to reclaim its crucial psychological level of 8300 to close at 8,324.00 today, up 98.80 points or +1.2 per cent. It touched a high of 8,330.95 and a low of 8,228.20 in intraday trade today.

  • Our markets gained momentum for the third straight day and rallied over 1 per cent in trade today, supported by strong buying seen in frontline stocks in banking, FMCG and auto sectors amid firming trends in global markets. Brokers said buying emerged on hopes of acceleration in economic reforms after the much-awaited GST Bill, which provides for an overhaul of the taxation system, was introduced in the Lok Sabha on Friday. Asian and European markets extended gains on a rally in crude prices which supported the rally at domestic markets, brokers said.

  • The Rupee gained marginally while bonds were steady today as investors stayed on the sidelines in a holiday-shortened Christmas week likely to see diminishing foreign fund flows. Foreign funds are usually light on their investments towards the year-end and prefer to start investing fresh funds only at the beginning of the new year, leading to lower volumes in most markets globally.

  • Globally, world share markets extended their 'Santa rally' into a fourth day today, as a recovery in beaten-down oil prices and the rouble and more calls for quantitative easing from the ECB helped lift sentiment. There were also hopes that Greece could avoid the destabilising snap elections. Japanese stocks advanced today as rebounding crude prices underpinned oil-related shares.

  • Market drifting up a good sign; suggest to trade long, says Ashwani Gujral. We are moving up. Expiry or no-expiry, this week would have been up because we have just turned two days back. We had two big gap-up days and now we are slowly drifting on the upside which is always a good sign. We should move up further. Maybe around 8,600-8,700, we have to reconsider the positions but till then we should be okay, he says.

NIFTY 3-Month

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