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Market Report

Monday, 13-Sept-2010

NSE

  • It was a stellar start to the week for the Indian market which witnessed a runaway rally today with the banking space posting life-time highs. In keeping with positive global sentiments, our market opened gap-up and then surged ahead with strong buying in almost all sectors. Largecap stocks outperformed the smallcap sector. Real estate and metals too showed strength but the telecom sector was weak. Sensex shut shop at 19208, up 408 points and Nifty at 5760, up 119 points from the previous close.

  • This rally looks convincing because it has happened after a correction and now the Sensex could test 19500-19550, says Deven Choksey of KR Choksey on CNBC Awaaz. We could see a small dip due to profit booking and that should provide good buying opportunity, he adds. Instead of looking at the index, go for individual stocks, he advises.

  • The market rally is not surprising and we expect the Sensex to hit 23000 by March 2011 on the back of strong earnings in India next year, says Andrew Holland of Ambit Capital on CNBC TV18. Global economies have showing signs of recovery and this too would aid the market rally, he adds. He believes a global correction now could bring Indian markets down but only marginally and expects largecap stocks to lead the next leg of rally.

  • The Nifty is forming a strong base at 5600-5590 and as long as it stays above this level, there will be strength in the market, says Nikita Surekha, technical analyst, on Zee Business.

NIFTY 3-Month