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Market Report

Monday, 17-Sept-2012

NSE

  • The Sensex today closed at 18542.31 higher by 78.04 points, or +0.42% and the 50-share Nifty advanced 32 points, or +0.58% to close at 5610.00 rising for ninth straight day to set a fresh 14-month high on record volumes.

  • Markets opened today on a very strong note on the back of further policy announcements made by the government last Friday. The Sensex touched day's high of 18715.03 and the Nifty touched a high of 5652.20 before trimming gains on profit-booking as Reserve Bank kept key lending rate unchanged notwithstanding rising hopes of a cut in interest rates.

  • RBI today cut CRR by 0.25% - the percentage of deposits banks keep with central bank - but refrained from reducing lending rates in view of high inflation. The RBI decision, which comes days after a slew of measures taken by the government to push growth, will release Rs 17,000 crore of primary liquidity into the system.

  • At this time, the European markets are trading lower as investors took a breather following a sharp two-week rally and key indices hitting a strong resistance level. The Asian markets also ended on a mixed note.

  • People should not worry about intraday corrections or even a down day, then chances are that this rally will have much further to go before it is over, says Ashwani Gujral.

  • Profit booking expected now before the market goes up. Sensex may hit 19000 levels by mid-October, says Analysts. The bold reform measures by the PM to revive economic growth are likely to push the Sensex even to the 20,000 level, says a Deutsche Bank report.

  • Deutsche Bank raised its December 2012 target for Sensex to 20,000, whereas, Citi raised its Sensex target to 19,900 for June 2013. And Morgan Stanley says Sensex to hit record high, cross 23,000 mark in 2013. The target surpasses an all time high of 21,206.77 points hit by Sensex on January 10, 2008. Conditions for a new bull market are getting slowly satisfied, said the bank.

  • Stocks, Rupee to gain as FIIs will look to invest money entering world markets post-QE3 into India, as per an ET Poll. We have had fantastic FII inflow into our markets in the last two sessions. See our 'Market Statistic' page.

NIFTY 3-Month