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Market Report

Friday, 12-Oct-2012

NSE

  • India's BSE index Sensex fell -0.69% or 129.57 points, to end at 18675.18 today. The index fell -1.39% for the week. The 50-share NSE index fell -0.56% or 32 points to end at 5676.05 points and lost -1.23% for the week.

  • Indian shares snapped a five-week streak of gains on Friday as bellwether Infosys slumped after disappointing investors with its growth outlook, with caution also setting in ahead of key inflation data next week.

  • Worries that India would post high inflation data on Monday and erode prospects of interest rates cut from the central bank at the end of the month hit financial stocks.

  • Asian markets ended mixed with Japan's Nikkei ending at a new 2-month low on Friday weighed down by selling pressure in SoftBank. European shares opened lower on Friday on rising debt concerns in the euro zone.

  • Analysts say Indian shares are expected to remain volatile next week as a host of key blue chip stocks report earnings, starting with Reliance Industries on Monday.

  • The bias remains on upside, but market may remain volatile in the short term due to subdued expectations from second-quarter earnings, said Sudip Bandyopadhyay, Managing Director at Destimoney Securities Pvt Ltd. A rate cut is overdue as the inflation is expected to remain high, Bandyopadhyay said.

  • Market still remains a buy on decline, says Mitesh Thacker. In case we get this kind of decline to below levels of 5600 to about 5550, that will be the most ideal and a good range to initiate long positions on the index as well as heavyweight stocks, he adds.

  • Expect no major surprises on earnings, not many exciting stocks to own at current levels, says Angel Broking. Because if you closely look at what happened to Infosys even today was no major surprise except the fact that market was expecting a rerating and upward revision guidance, in the reverse happened, he says.

NIFTY 3-Month

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