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Market Report

Wednesday, 13-Feb-2013

NSE

  • Sensex, the benchmark BSE index, rose +0.24 per cent, or 47.04 points, to end at 19,608.08 today, marking its highest close in a week. The broader NSE index, Nifty, rose +0.18 per cent, or 10.45 points, to end at 5,932.95 today, closing above the psychologically important 5,900 level for a second day.

  • The gains mark a recovery from an eight-session losing streak that had sent the market to its lowest level since December 31, 2012. Still, caution remains, with attention shifting to January wholesale price data tomorrow, after the central bank sparked concerns about future interest rate cuts with a cautious statement on monetary policy last month. The RBI will not just take WPI inflation, but will also consider other factors in its March meeting, said experts.

  • On the global front, Japan's Nikkei share average lost ground as the yen went higher, triggering profit-taking.

  • Markets would be range-bound ahead of the 2013/14 budget, to be unveiled on February 28, which will be critical in determining the government's fiscal discipline. "I think inflation data will be important, but the relevance of it may be overshadowed by expectations ahead of the budget," said Jagannadham Thunuguntla, Head of Research, SMC Investments and Advisors Limited.

  • Look for levels around 5950, says Mitesh Thacker. Bank Nifty appears to have completed a pullback and unless until Nifty starts trading above 5965-5970, there could be more weakness happening. There might not be much in the offering and 5840-5830 might act as a good strong support area, he adds.

NIFTY 3-Month

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