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Market Report

Tuesday, 11-Sept-2012

NSE

  • With momentum picking speed in the last two hours, Sensex finally closed at 17,852.95 up 86.17 points, or +0.49 per cent - its highest level since August 21. The broad-based Nifty of the National Stock Exchange swung between gains and losses before ending at 5,390.00 higher by 26.55 points, or +0.50 per cent.

  • In volatile trade, the market today extended its winning run for the fifth day today.

  • Brokers said trading sentiment remained better for the fifth day on hopes of a repo rate cut by RBI in its upcoming meeting. The pressure on RBI to cut interest rates may intensify if IIP data slated for tomorrow comes out weaker-than-expected, they added.

  • Meanwhile, a meeting of the Cabinet Committee on Political Affairs (CCPA), which could have decided on raising diesel and cooking fuel prices, was postponed today evening.

  • The market is extremely polarised, tilted towards the FMCG and the pharma in particular. Markets are capped at 5410 and downside is capped probably at 5300 levels, says KR Choksey Securities.

  • If the constitutional court in Germany rules in favour of the ESM, there could be one more round of liquidity drive rally in the market but in next 2 or three months even if the global markets go up, India may start underperforming in near term, as per Nirmal Bang Securities.

  • I would not say we are reaching a scenario where there could be a significant fall or significant correction as far as the markets are concerned. But clearly that uncertainty is there and a lot of policy reforms are not really happening, both in the domestic market as well as the global market, says Nipun Mehta, Market Expert.

NIFTY 3-Month