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Market Report

Wednesday, 23-Jan-2013

NSE

  • The Sensex, which had lost 120 points in the previous session, bounced back by 45.04 points, or +0.23 per cent to close at 20,026.61 points today. The broad-based National Stock Exchange index Nifty rose by 5.80 points, or +0.10 per cent to close at 6,054.30 today.

  • After a better start, the Sensex touched the day's high of 20,058.07 and a low of 19,920.91 as investors continued to adjust their portfolios after recent gains. Besides stock-specific developments, market participants were also enthused by Finance Minister P Chidambaram's comments to widen tax base and ramp up revenues, brokers said.

  • Financials were up on hopes that the central bank may ease key policy rates at its policy meet next week while telecom shares firmed up on reports that they have hiked voice call tariffs for mobile phone services.

  • In Asia, the Nikkei average fell a third straight day, reaching a three-week closing low today after the Bank of Japan's easing steps fell short of expectations. European markets slipped after the initial optimism about upbeat corporate earnings.

  • Nifty currently is not a true indicator of markets, says Sandeep Wagle. Bank Nifty on the other hand is weak and every little bit of an up move may be 50 to 100 points upside even from the current levels. I would cap the Nifty at 6000 which is another 30-40 points probably 5980 and you will have individual stocks crash and down, he adds.

  • Nifty to be in range of 5950 to 6100, says Mitesh Thacker. When markets are choppy, trend is indecisive. The fall today has kind of damaged the intraday chart structure and the momentum has slowly shifted on the downside. The high beta space is not really active and has been facing some kind of selling pressure, adds Thacker.

NIFTY 3-Month

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