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Market Report

Friday, 17-Sept-2010

NSE

  • It was a cheerful end to a strong week for the Indian market which saw momentum return to midcap and smallcap sectors plus the cement pack all of which had underperformed the past couple of days. Global cues were strong and after a gap-up opening, our market surged on the back of intense buying across the board. Among today's gainers in trade were telecom, realty, cement and pharma stocks. Sensex shut shop at 19594, up 177 points and Nifty at 5884, up 56 points from the previous close.

  • It was a wonderful week for the Indian market which saw the indices pile on broad gains and break all resistance levels. The Nifty managed to briefly cross the 5900 mark, the first time since January 17, 2008, and the banking space posted life-time highs. This week's performance was good and the numbers are: Sensex up 4.3% and Nifty up 4.5%. CNX Midcap index was up 1% while the BSE Smallcap index closed flat over the week.

  • For the last 15-16 sessions, the Nifty has gone up about 550 points, which is more than half of what it has done practically for a very long time, says PN Vijay, portfolio manager, on CNBC TV18. He thinks that this rise is a little bit too fast and brings out concerns of excess valuation and about manipulation of smallcap stocks. He foresees a 4-5% correction in the market and believes the banking sector needs to correct first as the valuations are stretched.

  • I do not expect to see the Sensex touching 21000 in a hurry and it may stay within 18000-19000 range for some time, says Sudip Bandyopadhyay of Convexity Solutions on Zee Business. We are likely to see a correction in the market, he adds.

  • The market is looking quietly bullish and we are witnessing strong FII buying, says Hitesh Eidnani of Trend Tech Consultants on NDTV Profit. The Nifty has now broken out of the range of 5350 and 5550 and the next target on the Nifty is likely to be 6350 in a couple of months and it may go beyond, too, he adds.

NIFTY 3-Month