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Market Report

Thursday, 13-Dec-2012

NSE

  • Extending its previous four sessions loss of 132 points, the BSE benchmark Sensex dropped 0.65 per cent to close at 19229.26 points. The 30-share index touched the day's high of 19421.72 today. Similarly, the broad-based 50-stock Nifty of NSE lost 36.50 points, or 0.62 per cent, to close at 5851.50 today, after touching a high of 5907.45.

  • Falling for the fifth straight day, the markets today closed down on sustained selling by investors ahead of wholesale inflation data amid a weakening trend in the European region. Brokers said the cautious investors indulged in selling over concern that any further fall in inflation data might fade chances of the Reserve Bank of India to cut interest rate in its mid-quarter policy review on December 18.

  • WPI-based inflation data will be announced tomorrow. Traders said a weakening trend in the euro zone after the US Federal Reserve announced new measures to support the world's largest economy, further dampened the investor confidence.

  • On the global front, Asian markets ended mixed. European shares edged lower and the dollar slipped against most major currencies.

  • Experts at Motilal Oswal expect our markets to move up significantly higher in 2013. Beginning early next year, we could see the markets actually move up significantly higher from the current levels, they said.

  • Indian market is more or less in a cynical mindset, says P Phani Sekhar, Fund Manager-PMS at Angel Broking. So going into 2013, the market is not pricing in any meaningful recovery in the macro. It is just pricing in a 25 to 75 bps of interest rate cuts, he adds.

  • Healthy correction will be better for the market, says Jagannadham Thunuguntla, Equity Head, SMC Capitals. There should be a decent dip. We will not be surprised if the Nifty gets back to 5780-5800 level that means decent 80 to 100 point correction, he adds.

NIFTY 3-Month

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