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Market Report

Tuesday, 08-Jan-2013

NSE

  • The barometer index BSE Sensex was up 51.10 points or +0.26% to close the day at 19742.52. The Nifty closed at 6001.70 with gains of 13.30 points or +0.22% backed by index heavyweights.

  • The key benchmark index Nifty regained the psychological 6000 mark in late trade. The market has been consolidating since it touched the psychological 6000 mark last week on US fiscal cliff deal and diesel price hike hopes.

  • The market sentiment was edgy during most of the day on Fitch's comment that India is still at risk of losing its investment-grade rating from the credit agency. Market sentiment were boosted after Prime Minister Dr. Manmohan Singh's inaugural speech at the Pravasi Bharatiya Divas. Gains in European stocks also supported domestic bourses.

  • Asian stocks dropped ahead of the beginning of the earnings season in the United States.

  • Very non-decisive and non-trending day, says Mitesh Thacker. We have not broken down, barely just been below 5970 for about few minutes and then moved up again. So I am not sure what is happening in the market. Of course, you can define the contours now by saying that 5950-6050 is the new range but I am still not sure whether we are ranging or whether we are distributing or whether we are accumulating, he adds.

  • Nifty after hitting 6150 over next few days may slip to 5930 levels, said Pankaj Pandey, Head of Research at ICICI Securities. There has been reshuffling of position in pharma and mid-caps where traders are betting on, he adds.

  • I expect about 20% upside much before September or October of 2013, says G Chokkalingam of Centrum Wealth Management, in an interview with ET Now. This is based on the assumption that the interest rate cycle would definitely reverse in this current calendar year if the monsoon is good. We should see a reversal of the interest rate cycle from anywhere between 100 and 150 bps, he adds.

  • Expect Sensex to touch 21300 by end of 2013, says Manishi Raychaudhuri of BNP Paribas Securities. It may be close to a new high in absolute terms, but it is clearly nowhere close to a new high in terms of valuation. It will possibly be a year of consolidation, a year of decent returns and possibly even in the universe of emerging markets or Asian markets, India could turn out to be a small outperformer, he adds.

NIFTY 3-Month

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