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Market Report

Monday, 08-Oct-2012

NSE

  • The Sensex today fell by 229.48 points or -1.21% to close at 18708.98, its lowest in 10 days, on heavy selling and amid weakness in European stocks ahead of a key meeting to discuss the region's debt crisis. The 50-share NSE Nifty index ended 70.95 points down or -1.23% to close at 5676.00.

  • After opening slightly weaker on weak Asian cues, the BSE benchmark index stayed in the negative zone throughout the session and touched the day's low of 18684.40. Nifty touched a low of 5666.20. Lower opening of European indices as well as weaker US Futures also hit sentiments.

  • After market hours today, state oil firms have slashed petrol rates marginally by 56 paise per litre belying industry expectations of about Re 1 cut because of significant appreciation in the rupee against dollar and softening of international oil prices.

  • Markets are likely to correct some more, says Ashwani Gujral. It is possible that we are likely to correct some more. What has happened is that we have had two days of correction, Friday was artificially made a big correction, so all the day traders have been cleaned out, he explains.

  • Expect market to fall further, expects Avinnash Gorakssakar. The markets had gone up unabated in the last couple of months. So even if some correction does happen, investors need not worry about that. One should be fairly realistic and expect that the market may fall by another 50-100 points, may be down to 5600 or 5680 levels, he adds.

  • Expect Sensex to touch 21500 by March, says Varun Goel of Karvy Private Wealth. We believe that the earnings could show better numbers in the next few quarters. So net-net, the fundamentals are in place and we expect the Sensex to touch 21500 by March, he explains.

  • Broader market trend still remains on upside, says Mitesh Thacker. If we consolidate around these levels at 5640-5650 being the low, then you might see after a few days of consolidation the market wanting to resume the uptrend, he adds.

NIFTY 3-Month

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