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Market Report

Friday, 13-Feb-2015

NSE

  • The Sensex regained 29000-mark and the Nifty reclaimed 8800-level in trade today. The 30-share Sensex ended at 29,094.93 today, up 289.83 points or +1.01 per cent. It touched a high of 29,154.67 and a low of 28835.70 in trade today. The Nifty closed at 8,805.50, up 93.95 points or +1.08 per cent. It touched a high of 8,822.10 and a low of 8,729.65 in trade today.

  • Our markets extended its pull-back rally for the third consecutive session after SBI reported better than expected Q3 results, and on hopes of a reformist budget this month. Some stability in global markets is also providing support to the indices. According to analysts, the market may go on to touch all-time highs again by this month end.

  • The S&P BSE Sensex managed to rally over 800 points in just 4 trading sessions, expecting Finance minister Arun Jaitley to draw up an additional capital plan for sectors such as manufacturing, infrastructure. Post Delhi elections, the mood had became a little sour as market participants got little worried that the defeat may force Prime Minister Narendra Modi to go for populist measures, which will hamper the growth process. But then Jaitley came in as the saviour today, dispelling concerns that the Budget will be populist in nature. Jaitley said the government will vigorously pursue economic policy changes, undeterred by the drubbing in Delhi. Brokerages expect Jaitley to boost capital spending and offer tax breaks to an under-performing manufacturing sector in the February 28 budget.

  • Nifty might touch 9000 levels in the run-up to Budget 2015, says Ashwani Gujral. We have crossed the 20-day moving average on the Nifty. That means that the market is showing lot more momentum than it was in the last three days. CNX IT is already above the 20-day moving average, so slowly the market is getting out of jail and you will see more participation, more momentum as the banks get into positive territory with recovery in the PSUs. Chances are that we should retest our previous high, may be till the budget, may be even cross it, he says.

  • The Budget should not really matter too much in terms of the broader direction for the market, says Mahesh Patil of Birla Sun Life. Obviously, there are expectations coming from this Budget and especially after the recent election results in Delhi, there is expectation that the Budget would provide some kind of direction. So to that extent, some moderation in terms of the outlook and recalibration in terms of the expectations are likely. But if the budget is good and there is recovery in the economy, then the market should hold on at these levels, he says.

  • After market hours: Foreign exchange reserves rose $2.7 billion during the week ended February 06 to touch a new high of $330.2 billion as the Reserve Bank bought dollars, according to the latest data released by the central bank. Also, trade deficit is at a 11-month low. Exports in January 2014 stood at USD 26.89 billion. Imports declined by 11.39 per cent to USD 32.2 billion during the month under review, leaving a trade deficit of USD 8.32 billion, according to the data released by the Commerce Ministry. The trade gap in January last year was USD 9.45 billion.

NIFTY 3-Month

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