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Market Report

Monday, 02-Mar-2015

NSE

  • The 50-share Nifty ended at all-time closing high of 8,956.75, up 54.90 points or +0.62 per cent. It touched a high of 8,972.35 and a low of 8,885.45 in trade today. The S&P BSE Sensex ended at 29,459.14, up 97.64 points or +0.33 per cent. It touched a high of 29,576.32 and a low of 29,259.77 in trade today.

  • The Nifty bounced back in the afternoon and ended at all-time closing high, amid a choppy trading session, led by infrastructure stocks and private lenders even as ITC extended losses in wake of the steep excise duty hike on cigarettes. The index had pared early gains after ratings agency Standard & Poor's said it doesn't expect an upgrade to India's sovereign debt rating next year in the absence of substantial, quality reforms. A total of 62 stocks from NSE and 135 scrips from BSE hit their 52-week high for the day.

  • The momentum was missing in the markets after a roller-coaster ride on Budget day. Experts are happy with FM's Budget but markets are not rejoicing. The return of foreign institutional investors after the Budget was expected to take the bourses to all-time highs. With no big bang reforms in sight, analysts feel markets are likely to consolidate with a 10 per cent rise over the year.

  • Banking stocks may push Nifty to new highs, says Ashwani Gujral. There were some sectors in the red, but there were enough stocks in the black to justify the up move today. Till the Bank Nifty is strong, chances are higher that we should enter into a new territory. Whenever that comes in, because this time we are going there with consolidation, chances are higher than we could breach that and the next 500 points in the index could possibly see more flows coming in. So, overall remain long as the rally is just about to start, he says.

  • Risk-reward equation favourable, stay long, says Mitesh Thacker. The breadth remains slightly on the positive side and overall the Nifty also remains in a buy mode. The Bank Nifty is closer to earlier highs of 20,800-odd levels, but eventually the Bank Nifty might even surpass those levels. With this kind of set up, it is very likely to assume that we will head higher and, I would continue to maintain a long and upside bias, he asserts.

  • The Reserve Bank may cut key interest rates as early as this week, as the fiscal measures announced in the Union Budget are unlikely to disturb the "disinflation" trend, say analysts.

NIFTY 3-Month

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