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Market Report

Monday, 14-Jan-2013

NSE

  • The Sensex ended 242.77 points up, or 1.23 per cent, to close at 19906.41, a level last seen on January 6, 2011, soon after the government postponed General Anti Avoidance Rule (GAAR) for two years till April 2016. Similarly, the National Stock Exchange index Nifty shot up by 72.75 points, or 1.22 per cent, to end the day at 6024.05 today.

  • Rate sensitive sectors were star-performers after lower-than-estimated government inflation boosted speculation that the Reserve Bank of India might cut interest rates in its third quarter review of monetary policy on January 29. Inflation based on wholesale prices declined to 7.18 per cent in December.

  • The rally was partly supported by a firming trend in the Asian region and higher opening in Europe after Federal Reserve Bank of Chicago said the central bank should continue to support the global economic recovery. Chinese stocks surged 3% to 2312 today after a regulator said the country will grant foreigners greater access to its stock markets.

  • 6030 is a level to watch out, says Mitesh Thacker. While in the last couple of days I was not of the opinion that markets will break on the upside, they have clearly done that today. For us, it still remains more of a stock specific market. We are trading on individual call's basis, announces Thacker.

  • Nobody should be short on the market, says Ashwani Gujral. I have not said that the market is going to go down. What I have said is that it is going to be choppy. In choppy markets you will see days where it will feel like a breakdown and then other days where it will feel like a breakout. Let us be sure first, there is no hurry but generally this time of January-February, you will have volatile moves but finally often they amount to nothing, adds Gujral.

NIFTY 3-Month

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