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Market Report

Thursday, 20-Sept-2012

NSE

  • The 30-share Sensex closed today at 18,349.25, down 146.76 points or -0.79% -- the second straight day of losses. Today's fall is the worst single-day fall since September 3 when it fell by 157.24 points. Nifty, the 50-share NSE index, dropped by 45.80 points, or -0.82% to close at 5,554.25. The Sensex and the Nifty reached an intra-day low of 18,292 levels and 5,535 mark, respectively.

  • Markets ended lower on profit taking at higher levels amid political uncertainty after opposition parties called for a nation-wide bandh today to protest against the government's decision to open up foreign direct investment in the retail sector and weak global stock market trends.

  • Global cues had turned negative after reports that China's manufacturing industry will contract for the 11th month. Asian markets closed 1-2% down while Europe was also trading lower in afternoon deals.

  • Financials, banks are still looking stronger than the rest of the market. So those are the areas that you should look for going long. Buy on corrections, says Ashwani Gujral.

  • After a 400-point rally, a 150-point correction would be perfectly alright and then some kind of consolidation before we start moving up again. So the trend in the short term has been violated, says Mitesh Thacker.

  • As far as India goes, what has become a big excuse now for all of us is the political scenario. We really do not know as to what is going to happen in the next 24 hours because in politics anything can happen. Market optimism could vanish in case rollback happens, says Mehraboon Irani of Nirmal Bang Securities.

  • PSU stocks are extremely cheap in terms of valuations and if the economy stabilises, you could see the end of the NPA cycle. Expect PSU banks to rally further, says Harendra Kumar of Elara Capital.

NIFTY 3-Month