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Market Report

Monday, 06-Apr-2015

NSE

  • Sensex, the 30-share BSE barometer, commenced on a firm note but succumbed to profit-booking and slipped to intra-day's low of 28,221.99. However, sustained buying in healthcare, realty and FMCG stocks helped Sensex to end the day at over two-week high of 28,504.46, a rise of +0.86 per cent or 244.32 points.

  • The 50-share NSE Nifty also rose further by 73.65 points or +0.86 per cent to end the dat at 8,659.90 today. It had touched a low of 8,573.75 and a high of 8,667.55 in intraday trade today.

  • Benchmark share indices gained momentum in the latter half of the trading session to end nearly 1% higher amid renewed buying interest in defensives led by Sun Pharmaceutical, in the absence of global cues as almost all foreign markets were closed today due to Easter holidays. Further, the street is expecting the central bank to maintain status quo on key rates at its policy meet tomorrow.

  • Meanwhile, a private survey showed that India's services PMI eased a bit during March because of higher input costs even as new business orders showed improvement. The HSBC India Services Business Activity Index for March came in slightly lower at 53.0 compared with 53.9 in the previous month.

  • Bank, IT stocks to underperform Nifty in the short run, says Ashwani Gujral. If you look at today's gains, neither IT nor banks participated. Despite this, Nifty was up 1 per cent. If we are able to decisively close above 8,700 on Nifty, chances are higher that stocks from FMCG, pharma, consumption spaces will continue to move up. Banks and IT stocks will participate, but as laggards. Till the results starts pouring in, we may see Nifty outperforming banking and IT stocks, he says.

  • 8,750-8,770 on Nifty likely; prefer realty, pharma stocks, says Mitesh Thacker. The market breadth has been quite positive today with nearly 2.5 advances on every decline. The NSE benchmark Nifty managed to get past and close above the 20-day average. The index also managed to breach 8,630-8,650 levels on the upside. There is some more strength left in this bounce back. I would look at 8,750-8,770 on Nifty, he says.

NIFTY 3-Month

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