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Market Report

Thursday, 08-Jan-2015

NSE

  • Sensex. the benchmark BSE index, ended up by 365.89 points, or +1.36 per cent up, to close at 27,274.71 today, while the broader NSE index closed 132.50 points up, or +1.64 per cent higher at 8,234.60 today. This marked the NSE index's biggest single-day rise since Oct. 31. The indexes rally came amid firm global cues, to snap their three-day losing streak led by financials and FMCG shares.

  • The Indian rupee was trading higher at Rs 62.66 to the US dollar compared to the previous close of Rs 63.17 track sharp gains in equities. However, foreign institutional investors continued to see in our markets and were net sellers in Indian equities worth Rs 1,073.18 crore on Wednesday, and sold another 466.78 crores today, as per provisional stock exchange data. See our 'Market Statistics' page.

  • Nifty could be rangebound in 8100-8600 band, says Ashwani Gujral. The index seems to have found some sort of support at 8,100. The way we have bounced back, it appears that 8,100 may not get broken so easily. Whether 8,600 can be crossed only time will tell. What is clear is that the broader market or midcaps are likely to perform better in the next few weeks. Unless we get past 8,400 this could just be a sideways type of zone. As of now 8,100 does not seem to be under immediate threat, he adds.

  • Suggest to place your best on stocks making news highs, says Mitesh Thacker. Today was a gap up reversal and then we closed nearly at the day's high. That augurs well in the short term. I am still not sure that the short to medium term trend has changed on the upside. It is clearly a market which is more stock specific. The last few days of correction there have been stocks which have not fallen and are immediately breaking on the upside. That is where focus should be. From a trading point of view stocks making new highs are clearly the stocks where trader should place their bets upon, he says.

NIFTY 3-Month

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