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Market Report

Wednesday, 27-Feb-2013

NSE

  • The BSE Sensex index finally settled at 19,152.41 today, a rise of by +0.72 per cent or 137.27 points -- the best gain since January 25. Yesterday, it had tumbled to three-month lows as it lost 316.55 points hit by global woes and hike in railway freight rates. The 50-issue CNX Nifty of the NSE also bounced back by 35.55 points or +0.62 per cent to end at 5,796.90 today.

  • Bouncing back from three-month lows, the Sensex today rose after the pre-Budget Economic Survey projected a promising growth outlook for 2013-14. The Bombay Stock Exchange 30-share gauge resumed higher today morning, but quickly fell to a low of 18,997.82. Buying gathered pace soon after Finance Minister P Chidambaram tabled the Survey.

  • The Survey projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up. It made a strong call for cutting subsidies and widening of tax base.

  • All eyes are now set on the Union Budget 2013-14 to be presented in the Parliament tomorrow. The upsurge was further supported by firming trend in the Asian region after the US Fed affirmation of its commitment to monetary stimulus, they added.

  • Asian stocks ended higher after US housing data and comments from US Federal Reserve chief Ben Bernanke lifted the mood in global markets. European stock markets were trading slightly better in the morning trade today.

  • A good budget could take the market higher by about 80 to 100 points, says Ashwani Gujral. It is not a smart idea to stand in front of an event and trade futures. A good budget could take the market higher by about 80 to 100 points, says Gujral.

  • 5845 and 5870 are two important trigger points, says Mitesh Thacker. We have bounced back nicely today and there is an event (Budget) which has a 50-50 chance to influence the markets positively in the short term. Even if it was to go up, my sense is that 5845 to about 5870 are two important trigger points which might be very difficult for the index to cross. So unless and until these levels are being crossed I will maintain a negative bias and wait for an eventual breakdown to happen below 5750 heading towards levels of 5650 to about 5600, he adds.

NIFTY 3-Month

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