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Market Report

Friday, 28-Sept-2012

NSE

  • After gaining 269 points at the outset, the Sensex closed up 183.24 points, or +0.99% at 18762.74, a level last seen on July 7. The 30-share barometer has gained 8.2% this month. The broad-based National Stock Exchange index Nifty climbed to psychological 5700 level by adding 53.80 points, to end at 5703.30. It touched the day's high of 5735.15.

  • The BSE benchmark Sensex today jumped to a 15-month high amid strong global cues and a surging rupee. The Sensex has risen 4.7% since September 13 when the government hiked diesel prices and opened retail and aviation sectors to foreign direct investments. Brokers said the sentiment bolstered on sustained foreign funds inflow amid expectation that the government's policy reforms will revive investments and economic growth. There were more supporting factors like firm foreign markets on optimism Spanish and French measures to reduce budget deficits might help in resolving the region's debt crisis, brokers said.

  • Macquarie has turned bullish on Indian equities following the UPA government's reform push. It has raised Nifty's target to 6600, reports ET Now.

  • Cement sector has generated 46% gains and has outperformed the returns of the most popular Pharma & FMCG sectors that have been driving the markets ever since the financial crisis, reports ET Now.

  • Market may reach 6150 levels in the next 3-4 months, says Mitesh Thacker. 6150 is where my sense is that we should be there in the next 3 to 4 months. That is closer to the year end, he explains.

  • Market may attain new highs by March on govt action, says Sanjay Dutt of Quantum Securities. We have seen now defensives pulling back, the cyclicals and the other stocks coming up. I really get this feeling that we have got lot of pent-up demand in there, a lot of people are left out. So, I would not be surprised if we suddenly take a shot at 6000 before December even, he explains. People are sceptical about this rally and think that it is short lived or think that it will go back to 5400. So that is what probably gives the rally more legs, he adds.

  • Indian bonds and the Rupee is expected to continue the bullish momentum into next week after big reforms by the government has raised hopes of a rate cut by RBI at its next policy meeting. The rupee is expected to gain further towards sub-52 levels with dealers predicting a range of 51.50 to 52.90 per dollar over the week. Market will also await the Purchasing Managers Index (PMI) data to be published on 01-Oct for cues on the economy.

NIFTY 3-Month

(Data/Charts courtesy NSEI/Yahoo!/iCharts/The Economic Times)