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Market Report

Friday, 16-Nov-2012

NSE

  • The 30-share Sensex closed today 162.00 points down or -0.88% lower at 18309.37 -- a level last seen on September 20. The National Stock Exchange index Nifty traded below crucial 5600 mark level by falling 56.95 points or -1.01% to end at 5574.05 today.

  • Markets ended the week on a negative note. For the week, the benchmarks were down by about 2 per cent on concerns over the so-called US 'fiscal cliff', worries over India's fiscal deficit and weak macro data.

  • Falling fo the sixth straight day, the BSE benchmark Sensex tumbled today to end at nearly two-month low on late selling in realty, banks and auto shares as the RBI dashed hopes of an early rate cut saying inflation is still "quite high". After a better start at 18563.32, the Sensex erased early gains after selling in rate-sensitives gathered pace in the last half hour of trading.

  • After headline inflation fell to an 8-month low of 7.45 per cent in October, investors had hoped for a rate cut in December when RBI reviews the monetary policy, said traders. At 7.45% inflation is certainly quite high, RBI Governor D Subbarao told reporters on the sidelines of a function in Pune, adding the central bank is always on "high alert" on the inflation front.

  • Most of the Asian markets ended on a flat note in trades today amid concerns about the looming US "fiscal cliff", while Japanese stocks rallied for a second day on expectations of further monetary policy easing after an election next month. In Europe, markets were down 0.3-0.7% as police and protesters clashed in Spain and Italy on Wednesday as millions of workers went on strike across Europe to protest against spending cuts they say have made the economic crisis worse.

  • Nifty needs to get past 5670-5682 levels on the upside, says Mitesh Thacker. For the time being Nifty looks like 80-point range but the bias is slowly turning on the downside, he says. On the downside, we are looking for levels below 5500 around the 5480-5450 mark that is where we will keep our profit target. Looking for declines to continue on Nifty, says Thacker.

  • We could see a good rally soon, says Ashwani Gujral. The idea here it should be if you are short today carry those shorts, if you did not go short just wait for the downside to play out. Nifty is weakening each time it hits 5600. The market is unable to get past 5650 still you have enough individual stocks that are playing out, says Gujral.

  • No positive triggers in the market right now, says Rajen Shah of Angel Broking. In domestic factors, rupee is at 55, crude is at $110, 2G auction was a big damp squib actually, says Shah.

NIFTY 3-Month

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