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Market Report

Friday, 09-Jan-2015

NSE

  • Sensex, the BSE barometer, finally closed with a rise of 183.67 points, or +0.67 per cent to 27,458.38 today. The gauge had gained 365.89 points yesterday on the back of encouraging US data and recovery in crude oil price.

  • The broad-based Nifty of the National Stock Exchange also regained the psychological 8,300-mark in early trade, but succumbed to profit-booking later and dipped to a low of 8,190.80, before finally ending the day up 49.90 points, or +0.61 per cent higher at 8,284.50 today.

  • Benchmark share indices ended marginally higher, amid a volatile trading session, led by IT majors after Infosys announced better-than-expected third quarter earnings. Strengthening rupee, which appreciated further to over four-week high of 62.35 levels intra-day against the US dollar today, also buoyed trading sentiments, brokers said.

  • Equities worldwide suffered deep losses early this week as plunging oil prices and global growth woes triggered investor flight from risk assets. But optimism about the US economy and prospects of more stimulus from the European Central Bank and China have diffused risk aversion for the time being.

  • The long-term outlook for the Indian equities remains positive due to strong fundamentals, though markets may face some volatility in the short term, say experts. At the same time, the capital market is expected to deliver good return on a year-on-year basis in future due to likely gains owing to a sharp decline in crude prices as well as a weak commodity market, they said. Financial services provider Edelweiss is also of the view that market would remain volatile, yet continue to give good returns.

  • Expect current choppy sessions, be stock specific, says Mitesh Thacker. The Nifty might find it extremely difficult to get past 8,300-8,325. It has become a choppy market and you will have to be very-very stock specific over here. It is more of a situation where in the market is still trying to find a range to settle into and therefore next few days might be choppy but this is a market which might not break immediately below 8,150-8,100. In case you start breaking on the upside, above 8,300, then there is a good chance that we are trying for 8,450 on the upside, he adds.

NIFTY 3-Month

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