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Market Report

Thursday, 27-Dec-2012

NSE

  • The Sensex closed 93.66 points lower, or -0.48 per cent, to end at 19323.80 on heavy selling in the last 30-minutes of trade. The broad-based National Stock Exchange index Nifty lost 35.50 points, or -0.60 per cent, to close at 5870.10 today, on selling pressure triggered by growth concerns amid monthly expiry in the derivatives segment.

  • Brokers said selling pressure emerged after Prime Minister Manmohan Singh said the country faces many challenges to achieve sustainable growth. The PM hinted at tough decisions like hike in energy prices and reduction of subsidies to achieve the growth target of 8 per cent in the 12th Five Year Plan.

  • Investors offloading their positions created recently on the last day of December month expiry in the derivatives segment kept the market range-bound but the late sell-off further fuelled the downtrend.

  • Meanwhile, lack of concrete resolution to US budget negotiations also fanned risk-off sentiments. Asian shares ended mixed ahead of the US 'fiscal-cliff' talks. European shares opened on a flat note but recovered later.

  • Expect Nifty to touch 6000 by January, says Mitesh Thacker. There is good chance that during the first half of January, we will see a breakout above 5950, says Thacker.

  • Market consolidation at current levels a sign of strength, as per Ashwani Gujral. Bank Nifty will first emerge out of 12550 on cash basis and then you will see Nifty going up, says Gujral.

  • FIIs will continue to invest in Indian markets, says Prateek Agarwal of ASK Investment Managers. Expectations are that global flows of moneys would be maintained, India being an attractive destination, it would probably get its fair share, he adds.

NIFTY 3-Month

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