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Market Report

Monday, 20-Sept-2010

NSE

  • It was a fantastic start to the week for the Indian market with a 95 point rally on the Nifty. Strong buying in most sectors, led by FMCG, financials, telecom and followed by oil & gas, metal, cement, saw our market rally all through to close with huge gains and at the highs of the day. Sensex shut shop at 19906, up 311 points and Nifty at 5980, up 95 points from the previous close.

  • Market is clearly overbought on aggregate level, however I am astounded by the amount of foreign institutional investors (FIIs) inflows, says Ashish Dhawan of ChrysCapital on CNBC TV18. He is bearish on the market as a whole and believes that it has run ahead of fundamentals.

  • Constant liquidity flows is driving the market and we expect fund flows to continue, says Mehraboon Irani of Centrum Broking on NDTV Profit. I do not see a near-term correction and believe the market may hit an all-time high by March 2011, he adds. He believes that the macro picture continues to look good and he does not see the markets as expensive currently.

  • The market is showing signs of correction and and 5700 is a crucial level on the Nifty for traders to enter, says Shardul Kulkarni of Angel Broking on NDTV Profit. Buy Nifty Futures at 5700 and not at current levels, he adds.

NIFTY 3-Month