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Market Report

Tuesday, 24-Feb-2015

NSE

  • The 30-share Sensex closed at 29,004.66 today, up 29.55 points or +0.10 per cent. It touched a high of 29,130.67 and a low of 28,875.94 in trade today. The Nifty closed at 8,762.10 today, up 7.15 points or +0.08 per cent. It touched a high of 8,800.50 and a low of 8,726.75 in trade today. The market snapped its two-day decline and ended flat amid a choppy session as traders remained cautious ahead of the key economic events such as Railway Budget, Economic Survey and Union Budget along with expiry of February derivative contracts this week.

  • After opening in the positive territory on covering-up of short positions by speculators before monthly expiry on Thursday and optimistic buying by investors ahead of the Budget, the Sensex slipped into the red and touched a low of 28,875.94 intra-day on profit-booking. However, the Sensex bounced back to close marginally higher. The gauge had lost 487.16 points in the previous two sessions after investors locked-in gains after recent gains.

  • Brokers said pre-budget buying by participants in FMCG, capital goods, realty, IT, infrastructure and healthcare sector stocks on hopes of growth-oriented measures in the upcoming Budget, bettered the sentiments, helping the key indices to close in positive zone, though with minor upside adjustments. Furthermore, covering-up of short positions in selective stocks in view of Thursday's monthly expiry in the derivatives segment also positively impacted sentiments, they said. Finance Minister Arun Jaitley will table the first full budget of the Narendra Modi Government on Saturday, February 28.

  • Globally, world shares held near all-time highs today on relief that Greece had submitted reform plans and the dollar was firmer on expectations that Fed chair Janet Yellen would keep the bank nudging towards US rate hikes. European bourses traded around breakeven as Greece delivered a list of economic reforms to the euro zone that it hopes will secure a four-month extension of its financial lifeline.

  • Nothing will happen on Saturday and nothing will happen till Saturday, says Ashwani Gujral. The best buying opportunity will come in, in case we have kind of a disappointment and the market goes to that 8400-8500 zone and from there you will get the next upswing which may even cross 9000. But for the moment, we are in this 8500-9000 zone. Chances are budget may not change that and the market may move sideways till it gets some fresh ideas and some fresh triggers to move forward, he says.

  • Next big move may come post Budget; wait and watch, says Sandeep Wagle. The Nifty is not staying above 8800. The fall has not come in as yet but it is not going up as well. 8600-8800 is the range over the next few days pre-budget and then let us take it as it goes. Let us wait and watch. Maybe the big move may come in only after the Budget. So I would wait for that, he says.

NIFTY 3-Month

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