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Market Report

Thursday, 06-Dec-2012

NSE

  • After dipping to 19186.24 intra-day on heavy profit booking, the Sensex rebounded about 300 points to end at 19486.80 -- a rise of 94.94 points or +0.49%. The gauge has gained 182 points in three days to close at over 19-month high today. The broad-based National Stock Exchange index climbed 30.40 points +0.52% to a 23-month high of 5930.90 today.

  • The markets today wiped out early losses to close with good gains, extending its winning run to the third day, on late buying triggered by BSP throwing its weight behind government on FDI issue in Rajya Sabha, giving much relief to the government which is bracing for a crucial vote tomorrow.

  • The government shook off Opposition challenge on the FDI in retail issue by getting approval of the Lok Sabha yesterday and BSP support today. With government winning the vote on FDI tomorrow, the positive momentum is likely to accelerate further and Nifty could test levels of 6100 on moving past 5950. Market sentiment would also be impacted by the ECB's latest policy decision which is due later today, say experts.

  • The Rupee also strengthened to its highest level in a month today as investors grew hopeful the government would be able to win a key vote on foreign direct investment in retail in the Rajya Sabha on Friday.

  • Asian stocks ended narrowly mixed as eurozone debt worries resurfaced after reports of a weak Spanish bond auction yesterday. European stocks were trading up in the afternoon deals ahead of the European Central Bank's (ECB) and the Bank of England's (BOE) policy meeting later in the day.

  • Ashwani Gujral advises investors to stay long despite occasional declines and chances are we should soon be able to cross 6000 levels and may be move towards 6150 in the coming sessions. Try to stay long on the markets and maintain a stop loss of 5840, the low of today trading day, added Gujral.

  • Mitesh Thacker is of the view that once this 5920-5950 range on the Nifty is being taken out, 6000, though it is a sentimental number, should be breached and we should move higher from those levels. As long as the Nifty holds 5850 levels, investors can remain long and continue to hold their high beta stock portfolio, he added.

NIFTY 3-Month

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