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Market Report

Wednesday, 30-Jan-2013

NSE

  • The Sensex gained marginally by 14.10 points to close at 20,005.00 today. The gauge touched the day's high of 20,073.46 and a low of 19,964.64 with 12 of the BSE index components ending with gains. The index had lost 113 points in last two sessions. The broad-based National Stock Exchange index Nifty added 5.85 points to close at 6,066.75 today led by stocks of realty, consumer durables and refinery stocks.

  • While the market was somewhat under pressure on investors clearing their positions before the monthly expiry in the derivatives segment, a better global trend supported the market. Markets were range bound and action was stock specific ahead of January F&O expiry.

  • Risk appetite was also muted after the Reserve Bank of India in its third-quarter monetary policy review raised concerns over inflation and said that the government should initiate measures to control the fiscal deficit.

  • Overseas investors were keen in the regional stocks as rupee strengthened over three-month high at Rs 53.36 on the back of increased dollar inflow and upcoming disinvestment in public sector companies.

  • The market was supported on firming Asian trend and higher opening in Europe following a powerful performance on Wall Street, where the Dow closed near its record high.

  • Expiry to drift sideways rather than any decline, says Sandeep Wagle. I firmly believe that the index is not giving you any indication. I have a view till 6000 from a current level of 6055-6060, a 30-40 points is on the downside is easily possible and does not mean anything, he adds.

  • It is the calm before the storm, says Deven Choksey. Whatever action we had seen were in terms of RBI credit policy. By and large all the quarterly numbers are out. So now it is a wait for the budget and wait for other macro indicators which will emerge in the near term. So for next two-three weeks it is going to be sideways, it is going to be range bound, we would not see anything clearly emerging. The next biggest trigger for the year will be the budget, he adds.

  • Ball in government's court to revive growth, said our FM P Chidambaram, reports ET Now. We have to contain fiscal deficit, we have to have a credible path of consolidation and we must ensure that public borrowing does not crowd out private borrowing, he added.

NIFTY 3-Month

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