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Market Report

Friday, 02-Jan-2015

NSE

  • The 30-share barometer Sensex spurted 380.36 points, or +1.38 per cent, to close at 27,887.90 today, its strongest closing in over three weeks. Intra-day, it touched a high of 27,937.47. The index has now gained over 679.29 points in six straight sessions. On a weekly basis, the Sensex climbed 646 points. Similarly, the Nifty after reclaiming the 8,400-mark to touch the day's high of 8,410.60, finally settled with a gain of 111.45 points, or +1.35 per cent, at 8,395.45 points.

  • Rising for the sixth day in a row, the benchmark indexes today surged higher to end at over three-week highs on encouraging manufacturing PMI data and gains in banking stocks on hopes of sectoral reforms. Banking sector rallied for the day with the hopes of some pro-industry outcome from the two-day conclave in Pune. Momentum ahead of December quarter earnings with Infosys results on January 9, also boosted sentiments, traders said.

  • Another big factor in today's recovery was the return of volumes after the New Year holidays. Foreign Portfolio Investors (FPIs) had bought shares worth Rs 18.20 crore yesterday, and have been net buyers today for 259.82 crores. Retail investors are also returning. See our 'Market Statistics' page.

  • The Nifty has closed at the highest point of the day and in that sense, the move is likely to continue, says Sandeep Wagle. I expect 8500-8550 to be scaled in probably the first three days or maybe by end of the week and more importantly, 8300-8350 should be held. Whether the Nifty breaks 8600 and makes a new high or not is a matter of time. Before the new high will be made, there may be some kind of a consolidation, he says.

  • Retest of 8600 on Nifty should happen in next few days, says Ashwani Gujral. The breakout has happened. It looks like that it is sustainable because the Bank Nifty is leading it and CNX IT is participating to some extent. The IT results are still eight days away. So there is enough time left to have a rally. Besides, things get priced in. So a retest of 8600 should not be out of question and that should happen in the next few days, he says.

NIFTY 3-Month

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