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Market Report

Monday, 29-Dec-2014


  • Sensex, the 30-share BSE index, which had gained 33.17 points in the previous session, advanced by 153.95 points, or +0.57 per cent, to close at 27,395.73 points. It touched a day's high of 27,507.25 points at the outset but profit-taking towards middle of session made it touch a low of 27,266.49. The 50-scrip National Stock Exchange index Nifty, rising for the second straight session, advanced by 45.60 points, or +0.56 per cent, to close at 8,246.30 points powered by a rally in metal, auto and consumer durable shares on growth optimism, amid strong Asian cues.

  • India's economic growth is expected to pick up in the current fiscal and will be "much better" in 2015-16, Finance Minister Arun Jaitley today said. Brokers said market sentiment also improved after data showed that foreign funds -- which had been net sellers on the Indian markets for 12 straight sessions -- had turned buyers on Friday. They were, however, again net sellers today. Volumes are still very low. See our 'Market Statistics' page.

  • Metal stocks gained on buzz that government will take the ordinance route soon to pave the way for auction of iron ore and other minerals as the proposed amendments to the MMRDA Act have been pending since long.

  • A firming trend at other Asian markets on reports that China had unveiled fresh measures to boost the economy and a higher closing on the US markets on Friday also influenced the market sentiment to some extent, brokers added.

  • Markets not showing good momentum; more lows likely before further upside, says Ashwani Gujral. Last time, the high of the Nifty was around 8350-8360. This time, possibly we may have failed around 8280-8300. The reason is that the market rallies are being led by weak groups -- metals, commodities, etc. Unless we are able to maintain above 8260 on the Nifty and 18700 on the Bank Nifty, this rally is likely to fizzle out, he says.

NIFTY 3-Month

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