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Market Report

Friday, 07-Sept-2012

NSE

  • The 30-share Sensex opened 229 points higher and thereafter built on gains to finally close at 17683.73, up 337.46 points, or +1.95 per cent. The 50-share NSE index Nifty closed at 5342.10, up 103.70 points, or +1.98 per cent.

  • The Sensex today surged over 337 points -- the biggest single day gain in two months, since June 29 when Sensex rose by 439 points -- on all-round buying by funds after European Central Bank announced a potentially unlimited bond-buying plan to revive Eurozone's ailing economies. Overall, nearly 1,800 stocks rose and investor wealth surged by Rs 84,000 crore.

  • Market should possibly head higher and test levels of 5420-5440 in the days to come, says Mitesh Thacker. Fundamentally while the markets are fairly priced, it is liquidity which is going to drive the markets up from here or so as long as the liquidity flow continues actually the markets could be firm and may even go beyond 18000 levels, said Angel Broking.

  • While we have got the momentum behind us, it is difficult to see the markets scale to a newer high and sustain over there unless the macros improve domestically also, says Dipan Mehta, Member BSE & NSE. Most analysts are of the view the sustainability of the rally remains a question as policy inaction from the government continues to weigh on investors' minds, says the Economic Times. There is a clear sense of hope that the govt will act but one has to see how this month goes through which will decide the sustainability of this rally, says Kotak Securities

  • BofA Merrill Lynch is of the view that the ECB bond buying programme and another round of quantitative easing by the US are likely to hurt India's economy. ECB's bond-buying not to have much impact on India, says the Economic Affairs Secretary. "There is not going to be much impact as of now. But we have to see how we are able to handle our own problems," says our FinMin.

  • US stocks mostly flat after weak jobs report: US stocks on Wall Street are edging between small gains and losses on Friday following news the US economy added fewer jobs than expected in August, reports AP.

  • The BSE and the National Stock Exchange will hold special trading for about two hours tomorrow, Saturday, 08-Sept-2012. The trading would start at 1115 hrs and closes at 1245 hrs for both exchanges.

NIFTY 3-Month