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Market Report

Wednesday, 28-Jan-2015

NSE

  • The 30-share Sensex ended at 29,559.18, down 11.86 points or -0.04 per cent. It touched an all-time high of 29,786.32 and an intraday low of 29,417.67 in trade today. The Nifty closed at 8,914.30, up 3.80 points or +0.04 per cent. It touched an all-time high of 8,985.05 and a low of 8,874.05 in trade today.

  • Markets came off their record highs and ended flat today. So flat, that one index closed red while the other was in the green, amid a volatile trading session as investors booked profits ahead of the expiry of January derivative contracts tomorrow and caution ahead of US Federal Reserve's annoucement later today. Gains in oil & gas, technology and pharmaceuticals were offset by losses in capital goods, metals and auto sectors.

  • FII/FPI participation is on the increase this month. Plus this current upside is being supported by increasing volumes. See our 'Market Statistics' page. Both these two factors are positive and support the positive bias.

  • After rallying 30 percent in the calendar year 2014, the S&P BSE Sensex surged over 7 per cent or 2,000 points so far in the first month of calendar year 2015, pushing the index to yet another record high. Even after a strong rally, the Indian market still looks reasonable valued at current levels, and some experts even feel that it is the best market for institutional investors to diversify their portfolio.

  • Correction on cards; buy on dips, says Mitesh Thacker. The market is extremely overheated, stretched and is too far away from its short-term averages. A possibility of pullback is always there. A 100-point drop in Nifty is something which can happen at any point in time. But I do not think there will be any significant correction, unless Nifty starts breaking below 8800. I do expect eventually 9,000 to be crossed sometime in first-second week of February, he says.

  • Right time to book profits, says Ashwani Gujral. Investors who entered when Nifty was at 8,000, should book at least a part of their profits and they should tighten their stop loss for Nifty placed at 8,800. If 8800 is breached, take all of it and wait for the next correction, he says.

NIFTY 3-Month

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