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Market Report

Tuesday, 01-Jan-2013

NSE

  • Sensex, the 30-stock index, rose 154.10 points, or +0.79 per cent, to 19580.81 at closing today. The index touched an intra-day high of 19623.76, a highest level since April 2011 on the back of strong gains in heavyweights. The broad-based National Stock Exchange index Nifty, which swung between 5963.90 and 5935.20, settled with a gain of 45.75 points, or +0.77 per cent, to close at 5950.85 today.

  • Most of the Asian markets remained closed for a public holiday and did not offer any firm cues to investors, but a lower openings in Europe, capped the gains on the domestic bourses. Although volume remained thin as foreign funds remained off the market.

  • Brokers said sentiments turned bullish, particularly in realty metal and banking sector stocks, after US lawmakers reached an agreement to avoid fiscal cliff of wide-reaching tax hikes and deep spending cuts in the world's biggest economy.

  • Expectations of a rate cut by the Reserve Bank of India later this month, triggered buying activity, says experts.

  • Option traders see the probability of the Nifty inching closer to 6200 levels in January derivative series, which ends on January 31, once it clears a resistance at 5965. However, if we don't cross 5965 and close below 5800 levels on the Nifty, then correction can be possible. History suggests that January has mostly been a negative month. So if we fail to cross 5965, then profit booking after 26 per cent return in 2012 is always a possibility, they say.

  • Going forward, HSBC India Manufacturing PMI, which gauges the business activity of India's factories, for December 2012 will be released tomorrow, 2 January 2013.

  • Look for targets aroung 6200 on Nifty, says Ashwani Gujral. The reason we have closed up only 44 points on the Nifty is because none of the global markets are working, he explains.

  • 5920-5925 immediate support levels on Nifty, says Mitesh Thacker. We have been consolidating for about four weeks now. Today I would have preferred a slightly stronger closing but maybe none of the global markets are working, so there is no reference point, he adds.

NIFTY 3-Month

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