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Market Report

Thursday, 17-Jan-2013


  • Sensex, the benchmark BSE index rose+0.74 per cent, or 146.40 points, to end at 19,964.03 today. The broader NSE index, Nifty, rose +0.62 per cent, or 37.35 points, to end at 6039.20 today, closing above the psychologically important 6,000 level for the fourth day.

  • Markets advanced for the third time in four days today, led by gains in state-run oil companies after the government allowed them to set diesel prices, despite uncertainty about the specifics of the announcement. Analysts say fiscal consolidation alongside reversal of rate cycle are equally important for the market to move higher from current levels.

  • The government today paved the way for state-run Indian oil marketing companies to raise diesel prices in line with increases in global crude oil prices, a move that could help the government reduce its vast subsidy bill. Increase in diesel prices is the first step towards coming out of the twin deficit problem, so it should ensure better times for the market ahead, said experts.

  • Deutsche Equities sees Sensex at 22,500 by December. Deutsche Equities India said the recent government actions have completely changed their views on Asia's third largest economy and this is reflected in the bullish target.

  • We advise to adopt 'buy on dips' strategy going forward, said Gaurang Shah of Geojit BNP Paribas Financial. As we move to the next month and as we near the budget, the market may correct 2 to 3 or 4% gradually over a period of time, he adds.

  • Govt authorising OMCs to revise diesel prices a positive move, said Devang Mehta of Anand Rathi. This is a positive news which was expected out of government at this point of time. OMCs and the overall oil and gas sector tend to benefit from it, Devang said.

NIFTY 3-Month

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