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Market Report

Thursday, 18-Oct-2012

NSE

  • After touching day's high of 18806.56 the Sensex closed at 18791.93 -- up 181.16 points or +0.97%. This is the highest closing for the index since 18804.75 on October 11. Likewise, the 50-share NSE index Nifty rose by 58.45 points, or +1.03% to close at 5718.70 tracking positive trends in global markets.

  • Markets ended near the day's high on the back of buying in bank shares on hopes that demand for credit from the retail segment would pick up ahead of the festival season. The market resumed in a quiet manner but gained momentum post-noon as investors pumped in fresh funds. Brokers said some short-covering activity ahead of the expiry of October contract next week amid renewed hopes of cut in interest rates by RBI, also helped boost sentiment.

  • The Asian markets are trading higher as a slew of Chinese data pointed to stabilisation in the world's second largest economy, and positive US housing data helped ease worries about a sharper slowdown in global growth. European shares were trading mixed in their early trade. US stocks rose higher yesterday after the latest data indicated that the US housing market continues to improve.

  • Experts now feel that the Nifty, after making multiple lows around the important support band of 5620-5640, has been able to rebound for a pullback. However, an immediate resistance is placed at 5740 post which the index can head towards 5820. Volumes on Nifty futures were higher than average which indicates improved sentiments.

  • Markets making base for next upmove, says Gaurang Shah of Geojit BNP Paribas Financial Services. On consolidation, we have moved up. If I look at the demand consumption, if I look at the pricing power, if I look at the cost which has been quite steady and of course the month on month numbers, there is going to be still more upside, he adds.

  • See Sensex at 22000 levels by March 2013, says Sanju Verma of Violet Arch Capital Advisors. As a house we are sticking to our view of 22000 for the BSE 30, come March 2013. The markets have rallied more than 4% in September. The broader indices for the month of September have outperformed every single Asian peer, most global indices and even asset classes. So, it is only natural that the markets will take a pause for a while, he explains.

NIFTY 3-Month

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