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Market Report

Tuesday, 07-Apr-2015

NSE

  • Sensex, the 30-share BSE barometer, slipped over 200 points in intraday trade, and then recovered in late trading to end the day flat at 28,516.59, a rise of +0.04 per cent or 12.13 points. The 50-share Nifty ended very flat with a rise of only 0.40 points, or zero percent change, at 8660.30 today. It fluctuated between a high of 8,693.60 and a low of 8,586.85 in intraday trade.

  • Marginal recovery in rate sensitive shares in late trades helped markets recoup intra-day losses to finally end flat even as the Reserve Bank of India at its policy meet early today maintained status quo on key rates. Shares in rate sensitive sectors such as banks and realty closed in red after the RBI announcement.

  • Point to note today, is that retail participants have come back to take the market higher, with increasing volumes. See our 'Market Statistics' file.

  • Nifty heads toward 8,750-8,770 levels, says Mitesh Thacker. The first hour of Tuesday's trading session was subdued for Nifty. But the index bounced back smartly. At no point, the market breadth was negative. Overall, we believe that there could be some choppiness, but I see a continuation of this bounce back. As long as 8,550 on Nifty is not being broken, my bias is slightly on the upside, he adds.

  • Market recovery may peter out amid lack of participation from heavyweights: Ashwani Gujral. The market needs leadership. The point about leadership is that you need to get past key resistance levels and 20- and 50-day are those key levels. I do not think that other than Sun Pharma or Lupin, you can name any stocks that are leading from the front. Heavyweights such as ICICI Bank, Reliance Industries and Infosys are not participating at all. With IT and banks out of the story, you have a weak looking market, which will peter out at the first sign of resistance, he warns.

NIFTY 3-Month

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