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Market Report

Friday, 15-Feb-2013


  • Falling for the second straight day, the Sensex closed 29.03 points lower, or -0.15 per cent, to close at 19,468.15 today. The index had lost 111 points in the previous session. Similarly, the wide-based National Stock Exchange index Nifty fell by 9.55 points, or -0.16 per cent, to end at 5,887.40 today.

  • Brokers said the Sensex limping down and hovered around year's lowest levels as funds booked profits on steady inflow of dismal quarter earnings by leading companies. They said a weak Asian trend and lower opening in Europe before the outcome of finance minister of G-20 meeting to sort out a solution to revive slowing economic growth also dampened the sentiments here.

  • On the global front, Japan's Nikkei share average fell again today as investors pared exposure to exporters and banks while awaiting the weekend G20 meeting. A deepening recession in the euro zone also dragged down shares, and sentiment deteriorated in late trade on news that a conservative, former finance ministry bureaucrat is the leading candidate to head the Japanese central bank.

  • Don't expect market to correct sharply as FII flows are strong, says Manish Kumar of ICICI Prudential. As far as the index is concerned, we have seen some 5-7% kind of correction and possibly it may correct by another 3% to 5% in the next few weeks, but we do not see a significant correction in the index simply because of the liquidity paradigm. FIIs have bought almost $7 to $8 billion of stocks in the current calendar year. For the last 15 months, they have pumped in almost $30 dollars, he adds.

  • Bank Nifty could be the major drag, says Mitesh Thacker. I would look at possibly levels of around 11500 which means about 6%-7% kind of cut can happen in the Bank Nifty itself, he says.

  • Budget, RBI policy to weigh on bond markets in near term, says Phani Shankar of ING Vysya Bank. The probability of a rate cut in March is now increasing, especially after the weak IIP numbers and the slow GDP growth numbers that have come in, he adds.

NIFTY 3-Month

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