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Market Report

Thursday, 27-Sept-2012

NSE

  • India's benchmark BSE index fell -0.28% or 52.67 points, to close at 18579.50 points, marking its second day of declines. Since hitting a 14-month peak of 18866.87 points on Sept 21, the BSE index has fallen 1.5%. The 50-share NSE index fell -0.25% or 13.95 points, to close at 5649.50 points.

  • The session today was volatile because of the expiry of September futures and options contracts at the end of the session. Analysts continue to expect some more downside as markets consolidate after hitting a 14-month high in September following the slew of reforms announced by the government. Market gains could continue should the government announce additional fiscal or economic reforms.

  • On the global front, Asian markets ended higher with Chinese shares soaring, amid reports that the country's central bank injected a record amount of liquidity into its banking system. Euro zone worries have come back into focus over the last week as the feel-good factor of recent central bank stimulus has given way to renewed uncertainty over Spain's willingness to submit to a politically painful rescue programme.

  • This is a good time to build midcap portfolios, do ETFs etc, because from here chances are that we will keep on seeing many higher highs and higher lows which will be laced with corrections etc., says Ashwani Gujral.

  • If we start trading below 5640-5630, we might get a correction before we start eventually moving up. Now, if you look at the price action since last Friday, the markets on hourly charts peaked at about 5700, says Mitesh Thacker.

  • Markets are consolidating in this range, says Ambareesh Baliga, Market Expert. Market should have in fact, corrected after the sort of move which we have seen in the last two weeks but instead of that consolidation, these markets show that there is strength, he adds.

  • Stock delivery volumes rise to 43 per cent as reforms improve market sentiment, reports ET Bureau. The increase in stock delivery volumes in the past few days suggests investors are more optimistic about the near-term market prospects, it adds.

  • Market rally likely to continue on mean reversion, reports ET Bureau. The recent spurt in stock markets has triggered the debate whether the rally has run its course. One of the arguments put forward in favour of still more upside is 'mean reversion', it explains.

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