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Market Report

Wednesday, 21-Jan-2015

NSE

  • The 30-share Sensex resumed higher at 28,843.09 and firmed up further to an all-time intra-day high of 28,958.10, before closing at a fresh record of 28,888.86, rising 104.19 points, or +0.36 per cent, from its last close. The Sensex surpassed its previous peak of 28,829.29, recorded yesterday. The gauge has now gained 1,542.04 points in the five sessions.

  • The 50-share index ended above the 8,700 level for the first time by surging 33.90 points, or +0.39 per cent, at new peak of 8,729.50, surpassing its previous closing high of 8,695.60 hit yesterday. The Nifty touched 8,741.85 in intraday, breaking the earlier record of 8,707.90, reached in yesterday's trade.

  • The benchmark BSE Sensex and the NSE Nifty extended gains for fifth straight session and hit their new all-time peaks on sustained funds inflows amid pre-budget optimism among participants. Besides, positive global cues with Asian markets ending mixed and a higher opening at European markets on speculation of European Central Bank stepping up stimulus measures at its meeting on January 22 also boosted trading sentiments, equity brokers said. Some volatility can be expected in the near term as the European Central Bank will take a call on quantitative easing to boost economy.

  • Expect Nifty to touch 8,800 mark next week, says Tushar Mahajan of Nomura. Around two weeks ago, we saw the biggest single day fall in the domestic indices in as many as five years. A week ago, we had the single biggest one-day move in over seven-eight months. And yesterday, we had a big day, with the indices trading at life-time highs in an across the board rally. Over the next few days, as we get into the expiry, the focus is going to shift to rollovers. But my sense is that we could grind a little higher as well around 8,800 odd levels on the Nifty, he says.

  • CNX IT holding the market, says Ashwani Gujral. Today there is a bit of sector rotation, which means banks are kind of letting off a bit of steam and CNX IT, which was for the last four-five days not really participating but more of consolidating sideways, is coming back to hold the market. If that can contribute along with the Bank Nifty, we should see 9000 being hit fairly fast, he says.

  • Market is on a consolidating mode, says Mitesh Thacker. It is basically a market which is slightly overbought. So one of these days we could have some kind of profit booking. Any kind of decline of 70-80 points on intraday basis or a one-two-day kind of pullback should be used to possibly add onto long positions, he says.

NIFTY 3-Month

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