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Market Report

Tuesday, 05-Feb-2013

NSE

  • The Sensex declined by 91.37 points, or -0.46 per cent, to finish at 19,659.82 today. The index had gained 254 points in last three sessions. The broad-based National Stock Exchange index Nifty lost 30.35 points, or -0.51 per cent, to end at 5,956.90 today.

  • Markets continued its losing streak for the fifth consecutive day on account of weak global cues and profit booking in heavyweights. The index-linked ITC fells -1.58 per cent to Rs 302.05 on profit-booking after gaining +7.3 per cent in January. Brokers said market remained under pressure as foreign investors refrained from enlarging their positions amid a weak Asian trend amid renewed concern about Europe's debt crisis. They said selling was more confined to recent gainers.

  • In Asia, shares fell today as investors took profits from recent rallies. European shares were largely flat as renewed worries over political risks in the euro zone.

  • The benchmark index Sensex declined for fourth day in a row to hit its lowest level since 1 January 2013 on concerns that offer for stake sale from PSU companies is likely impact market liquidity severely, say experts. The mood in markets is likely to remain cautious till union budget as markets have entered into consolidation phase where investors are booking profits after recent gains, they said.

  • Expect minor short-term pullback in Indian equities before Budget, said Saurabh Mukherjea of Ambit Capital. Clearly, there was a touch of over exuberance early in the year, which is getting corrected. Whilst there could be a minor short-term pullback, I expect that the budget session will have positive news flowing from Delhi, he adds.

  • Union Budget next macro trigger for markets, as per Religare. The Finance Minister has assured the investors of a responsible budget and hopes to contain the fiscal deficit to 5.3 per cent of GDP for FY13, well below the street expectations, they add.

  • Don't expect much mkt upside from current levels, says Ashu Madan of Religare Securities. I would wait for a while and see the market going down to somewhere between 5700 and 5800, and then reinstate buying positions, says Madan.

  • Nifty moving sideways, has the uptrend stalled? asks Experts. The Nifty spot has violated its short term support line placed at 6040 levels and tested the long term support line placed at 5940-5935 levels, they point out.

NIFTY 3-Month

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