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Market Report

Wednesday, 26-Sept-2012

NSE

  • The 30-share index resumed lower and hovered in a narrow range of 18670.48 to 18573.18 points before closing at 18632.17 points, a loss of 62.24 points or -0.33%. The NSE 50-share Nifty also ended lower by 10.45 points, or -0.18% to close at 5663.45 points. The Sensex and the Nifty reached an intra-day low of 18573 levels and 5639 mark, respectively.

  • Brokers said market witnessed alternate bouts of buying and selling ahead of expiry of September contract tomorrow. They said the sentiment was also dampened by weak global stock markets after the Federal Reserve said the third round of bond buying may fail to stimulate economic growth.

  • On the global front, European shares fell sharply and the single currency hit a two-week low on Wednesday as popular opposition within the euro zone to budget austerity measures unnerved investors already worried about a weak global growth outlook. CAC, DAX and FTSE have plunged between 1-2%.

  • In Asia, Chinese shares fell to their lowest level in more than 43 months on Wednesday with the Shanghai Composite barely holding the 2000-points level as investors continue to fret about the health of the world's second largest economy. Japan's Nikkei average fell 2% on Wednesday, breaking below the key 9,000 mark and hitting a two-week closing low, as a mass of companies went ex-dividend, while concerns over debt-laden Spain dampened sentiment.

  • We are getting into a phase where the Indian market could outperform the global market, says Ashwani Gujral. Hence, people should be very wary of taking short positions or getting too scared because the market has come out of medium term range and it has a right kind of momentum and participation from various sectors, he adds.

  • Market may see higher levels, says Mitesh Thacker. While we have been sluggish for last few days, from a slightly more positional kind of view, this suggests that the uptrend will have lot of momentum in days to come by and we will see higher levels, he adds.

  • Market may hit all-time high over next 12 months, says Prateek Agarwal of ASK Investment Managers. From hereon, if earnings compound by 13-14%, as is usually expected, then there are reasonable chances of us hitting an all-time high over the next 12 odd months, he explains.

NIFTY 3-Month