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Market Report

Wednesday, 21-Nov-2012

NSE

  • The BSE benchmark index Sensex today gained 131.06 points to close at 18460.38 points on expectations that the government will take more reform measures to support the economy in the winter session of Parliament which is starting tomorrow. The NSE 50-share Nifty also firmed up by 43.25 points or +0.78% to close at 5614.80 points today.

  • Brokers said the government is expected to take more reform measures, including placing of bills regarding insurance and pension sectors, in the winter session of Parliament starting tomorrow, which lifted the markets. Some short-covering was also seen ahead of expiry of derivatives contract on November 29, pushing the BSE benchmark Sensex up, they added.

  • A bout of volatility was witnessed in early trade and key benchmark indices slipped into the red as euro-zone finance ministers failed to reach an agreement on conditions to release the next tranche of financial aid for Greece.

  • In the Asian markets, Nikkei climbed 0.9% to end at a two-month high of 9222. Shanghai Composite and Hang Seng up 1% each were the other major gainers.

  • Expect Nifty to touch 6000 mark in short term, says Gaurang of Geojit BNP Paribas. In December 2012 we should be much above the highs of 5800-5820 that we have recently seen and could be going even 6000 levels, Gaurang says.

  • 5600-5800 range will persist till RBI policy action, says Dipan Mehta. It is a very stock-specific kind of a situation at this point of time and the market is not giving you any convincing move up or down, he adds.

  • Expect positive surprises from this Parliament session, says Mehraboon Irani of Nirmal Bang Securities. Despite all the negatives, the markets are holding or rather standing firm. A fall of 3%-4% more can happen only if we witness complete washout as far as the Parliament session goes. I personally feel that we could have a lot of positive surprises from this Parliament session mainly because of the fact that the opposition also is realising that 15 months down the line we are going in for the next parliamentary elections and if some of these proposals get passed, then the same is going to be positive for them, he explains.

  • Difficult for Nifty to get past 5750 mark, feels Ashwani Gujral. After many days of decline, if you cannot rally even 1% then that is a weak start. So overall I am not so optimistic that Nifty will cross 5750 level. It seems difficult how Nifty can get enough momentum to cross 5750 and move on to 6000-6100 levels. This rally may fail to get even to the top end of the range, may be another 70-80 points on the Nifty is possible, he says.

NIFTY 3-Month

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