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Market Report

Friday, 22-Feb-2013

NSE

  • The Sensex ended lower by 8.35 points, or -0.04 per cent, to end at 19,317.01 today. The gauge moved between 19,401.75 and 19,289.83 during the session. The index had dropped 317 points in the previous session. Similarly, the broad-based National Stock Exchange index Nifty fell by 1.95 points, or -0.03 per cent, to close at 5,850.30 today. It moved between 5,873.80 and 5,835.80 during the session.

  • Brokers said the market participants were cautious ahead of the general budget this month-end and refrained from enlarging their positions. They said the market was partly affected by mixed pattern of trade in global markets.

  • Asian markets recovered somewhat from Thursday's sell-off after weak business conditions in US supported hopes that the Federal Reserve may not discontinue its economic stimulus earlier than expected. European markets traded on a positive note today after better-than-expected German business confidence data.

  • Market sustaining above 5950 unlikely, says Ashwani Gujral. Chances are that of slowly inching lower but with lots of sideways action and volatility and gap up opening and then losing all the gains, he adds.

  • Hemang Jani of Sharekhan expects the Nifty to pull back to about 5900-5950 in near term. The entire rally that we saw in the past two or three months was driven essentially by the FII flows. Over the past few days there has been a good amount of selling in the index futures. So in this environment, incremental flow is something that is going to be difficult. Since we have corrected quite a bit, there might be a pullback to about 5900 or 5950, but beyond that I do not see the market really moving up, he adds.

  • I do not see too much downside risk from the market point of view, but incremental liquidity coming into the market will be a big question, says Vikas Khemani of Edelweiss Securities in an interview with ET Now. We will have to see how much more liquidity can come through to the equity market. We have already received a lot of it. For Indian markets to continue to do well, we will need lots of liquidity coming in the markets, he explains.

NIFTY 3-Month

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