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Market Report

Monday, 11-Feb-2013

NSE

  • The Sensex fell by 24.20 points, or -0.12 per cent, to close at 19,460.57 today, its lowest close since December 31, 2012. The index had lost 520 points in last seven sessions. Similarly, the wide-based National Stock Exchange index Nifty dipped below 5,900 points by falling 5.65 points, or -0.10 per cent, to close at 5,897.85 today, after touching the day's low of 5,979.10.

  • Brokers said continued selling pressure on weak GDP projections and absence of any cues from Asian markets following closure for Lunar New Year holidays influenced the market. They said steady inflow of weak quarter earnings by some companies and decline in auto sales number first time in a decade this January further influenced the trading sentiment.

  • Equity trading volume was lower than average with markets in Japan, China, Hong Kong, South Korea, Taiwan, Vietnam, Singapore and Malaysia closed for public holidays. European markets were largely in the green ahead of the finance chiefs meeting in Brussels today to discuss aid to Cyprus and Greece.

  • Bearish on Nifty, see 100-120 point downside from current levels, says Sandeep Wagle. I would talk of hint of caution in all. I do not really see 5780-5750 being broken on the Nifty cash so nearer that area, talk of 5800 to 5750 one can look at buying with a position trade in mind but as of now, I see 100 point downside on the Nifty, he explains.

  • Domestic institutional investors selling heavily in markets, FII flows still continue, says Anish Damania. India is looking less brighter than the rest of the emerging markets given that it has run up.

  • Markets likely to slip post Budget 2013, says Morgan Stanley. On average, India markets have fallen 2.3 per cent in the month after the Budget with the first 15 days accounting for most of it, underperforming emerging markets by 1.5 per cent. According to Morgan Stanley's observation, if the market is up in the month before the Budget, it has an 80 per cent prospect of falling post the event, higher than the overall probability of 60 per cent.

  • BSE will hold a mock trading session on Saturday to check its new trading system, which would be made compulsory from next week.

NIFTY 3-Month

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