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Market Report

Tuesday, 06-Nov-2012

NSE

  • The 30-share Sensex moved in a narrow range of over 100 points before ending with rise of 54.51 points or +0.29% at 18817.38 -- the highest since the index closed at 18938.46 on October 5. The 50-share NSE benchmark Nifty closed 20.20 points or +0.35% higher at 5724.40 points.

  • Rising for fifth straight day, Sensex consolidated its gains after rising 332 points in the previous four trading sessions ahead of the festive season amid global stock markets remaining mostly mixed as investors remained cautious ahead of US Presidential polls and a Greek parliamentary vote on key austerity measures.

  • After a lacklustre session for most part of the day, markets gained traction in late trades led by buying in healthcare and financial shares. Brokers said there was stock-specific action on better earnings by Indian companies and foreign funds bought shares after a steep fall in rupee yesterday. It, however, was last trading at 54.45, up 16 paise from 54.61 a dollar on Monday.

  • Asian shares steadied today with investors reluctant to place new bets amid uncertainty over the outcome of a tight US presidential election and renewed doubts over Greece's ability to push through severe fiscal reforms. In Europe also, the markets witnessed a cautious opening.

  • Expect market to touch a new high over next 12 months, says Mahesh Nandurkar of CLSA. The market definitely needs some more doses of policy action and improved corporate performance to move up from here. From here on we need this momentum of positive news flow to sustain for the markets to move up, which we think is likely in the near term, he adds.

  • Don't see major triggers or negatives for markets in near term, says Sonam Udasi of IDBI Capital. Closer to December, we will start to get some direction in terms of how well the fiscal deficit situation is being handled, says Udasi.

  • Can increase positions on Nifty and Bank Nifty once index crosses 5730, says Mitesh Thacker. Once the Nifty starts trading above 5730, both the positions on Nifty as well as the Bank Nifty could be increased, Thacker said.

NIFTY 3-Month

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