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Market Report

Friday, 16-Jan-2015

NSE

  • The 30-share Sensex, after opening lower on profit booking in recent gainers, dipped below 28,000-mark to touch a low of 27,945.31. However, it gained ground and settled at 28,121.89, a rise of 46.34 points or +0.17 per cent, on continued buying in blue-chip shares and wrapped up its best weekly gain in over two months. Similarly, the NSE Nifty index inched up by 19.65 points, or +0.23 per cent, to close at 8,513.80 today, amid a range bound trading session, as gains in capital goods and pharma stocks helped offset losses in IT shares.

  • Markets were in a positive mood after Thursday's massive rally as RBI Governor Raghuram Rajan sprang a surprise by cutting interest rates by 0.25 per cent to boost growth. Besides the rate cut, macroeconomic data also supported buying as government data showed that India's trade deficit declined to 10-month low in December. This is its best weekly rise in absolute terms by our markets since October 31 2014.

  • Globally, a weak closing at other Asian bourses and a lower opening at European markets following a surprise move by the Swiss central bank to strengthen its currency were the major international cues today.

  • Point to note: the high volume participation by FIIs in the last two sessions. Foreigners bought shares worth net Rs 1,738.24 crore yesterday and another Rs 1099.93 crore today, as per provisional data. See our 'Market Statistics' page.

  • Nifty may touch 8900 levels in next week, says Mitesh Thacker. The drift in the short term has shifted on the upside, now I am looking at a target of around 8590-8610 broadly which was the recent highs on closing basis. Once those levels are crossed you might see some more momentum pickup happening. With some good price action then we are now talking 8900 plus levels is possible, he adds.

NIFTY 3-Month

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