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Market Report

Thursday, 16-Sept-2010

NSE

  • It was an interesting day of trade for the Indian market which opened gap-up in what looked to be an eight straight day of rally. However, profit booking in the second half of the session in technology, telecom, metal and select power companies including heavyweight RIL, saw the market erase most of its early morning gains and then close in the red. However, the Nifty managed to briefly cross the 5900 mark, for the first time since January 17, 2008. Global cues were quiet-to-flat today. Sensex shut shop at 19417, down 84 points and Nifty at 5828, down 32 points from the previous close.

  • The Nifty has broken out and now 6000 level is possible on the index, says Sanjeev Bhasin, investment advisor, on NDTV Profit. Good advance tax numbers are adding to the bullish sentiments of the market and we expect the Nifty to go up by 3-4%, he adds.

  • There is a 75% chance of a double dip in the US with the US bond market suggesting the economy is in trouble as the bond market is far deeper than equity market, says Jim Walker of Asianomics on CNBC TV18. He believes India's domestic demand story still remains intact as the central bank's policies are not driven by global environment and says that any correction in the Indian markets would serve as a buying opportunity.

  • The market may see some correction before an upmove, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. He sees the Nifty falling to 5550 before taking off again for targets of 5875 and then 6160. He advises to remain invested despite the volatility.

  • Primary articles inflation for week ended September 4 has come in at 16.22% versus 14.56%, food articles inflation is at 15.1% versus 14.56% and fuel group inflation is at 11.48% versus 12.61% for week ended September 4, reports NDTV Profit. These figures are as per the new series of 2004-2005 as base year.

NIFTY 3-Month