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Market Report

Wednesday, 02-Jan-2013


  • After opening on a strong footing at 19693.30 points, the Sensex continued its upward march to touch session's high of 19756.68 before settling 133.43 points, or +0.68 per cent higher at 19714.24 points, its highest closing since January 6, 2011. The 50-scrip NSE index Nifty, which breached the 6000 mark during the session for the first time since January 2011, slipped back partially to close at 5993.25 points, gaining 42.40 points, or +0.71 per cent. It touched session's high of 6006.05.

  • Our markets shot up to hit two-year high on increased buying in key stocks amid persistent capital inflows after the US Congress approved a deal to avert "fiscal cliff". Firm trends in European markets, which rallied to a 19-month high, also boosted the sentiment.

  • Analysts said besides positive cues from global markets, the country's manufacturing growth, which improved further in December, registering the fastest pace in six months generated buying activity here. Fuelling the rally in the market was expectation that RBI may cut interest rates, they said.

  • Nifty to rise above 6200 levels, buy on dips, say Analysts. With the 'fiscal cliff' problem out of the way, most analysts are positive on markets and expect it to scale new highs.

  • I would clearly suggest that just hold on to your position, says Mitesh Thacker. Identify your stop loss somewhere around 5920-5925 and as long as that has not been breached I do not see any reason for people to exit or get out of the market, he adds.

  • Markets could cross 6300-6350 in January, says Ambareesh Baliga. In early June the markets were closer to about 4800-5000 that said it is the beginning of a new rally, he adds.

NIFTY 3-Month

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