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Market Report

Monday, 21-Jan-2013

NSE

  • Extending gains for the third straight day, the Sensex settled at 62.78 points, or +0.31 per cent, up at 20,101.82 -- its highest level since January 6, 2011. In the previous two days it had gained over 221 points. The broad-based National Stock Exchange index Nifty rose by 17.90 points, or +0.30 per cent, to close at 6,082.30 today, while Nifty futures index breached 6,100-level for first time since January 6, 2011 as investor mood remained bullish.

  • Brokers said quarter earnings posted by Reliance Industries, NTPC, ITC and other companies helped boost the sentiment. They also said the present rally is led by oil companies whose shares are attracting goody buying in the wake of government allowing refiners to raise diesel prices.

  • The market sentiment was further bolstered on higher opening in European markets as eurozone finance ministers are meetig for the first time this year to tackle the sovereign debt crisis. In Asia, stocks traded mostly higher in a choppy session Monday, with Japanese shares sliding back from last week's multi-year peaks.

  • Nifty was consolidating in the range of 5940-6060 from past few weeks and got the breakout in the last traded week, subsequently registered fresh 52 week high with good volume, said Mudit Goyal, technical analyst, SMC Global. Today, it is moving higher which indicates that buying is still more aggressive at current levels. We anticipate that buying momentum can continue for coming days which suggest the upside target of 6150-6200. Positive sentiments remains till Nifty holds the level of 5920 in near term, said Goyal.

  • Markets may take a breather, book profits around 20,000-20,200, say experts. Implementation on reforms have created a positive sentiment, data suggests that substantial incremental money flow into Indian equities is not taking place. Besides earnings, investors will also look for signs on key rate cut in the RBI policy review slated for January 29, they add.

NIFTY 3-Month

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