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Market Report

Friday, 01-Mar-2013


  • The Sensex, which had tumbled 291 points in the previous session on hike in taxes and FII concerns in Budget, opened firm and rose to an intra-day high of 18,988.97 before ending at 18,918.52 -- a gain of 56.98 points, or +0.30 per cent. On similar lines, the National Stock Exchange Nifty rose by 26.65 points, or +0.47 per cent to end at 5,719.70 today.

  • Shrugging off Budget blues, the market today bounced back from three-month lows to end slightly higher on value-buying after the Finance Ministry's promise to address concerns over Tax Residency Certificate. Finance Ministry earlier today sought to assure worried investors saying their concerns on Tax Residency Certificate (TRC) for claiming treaty benefits will be 'suitably' addressed during discussion on Finance Bill in Parliament. The Ministry clarified that the Tax Residency Certificate produced by a resident of a contracting state will be accepted as evidence that he is a resident of that contracting state and the Income Tax Authorities in India will not go behind the TRC and question his resident status.

  • Globally, a better tend in the Asian region and higher opening in Europe further supported the domestic market.

  • Market likely to cross 5750 immediately, says Mitesh Thacker. In the first attempt or in the next few days, the first event which is important is that the market should be able to trade above 5750, he says.

  • Continue to remain bearish on market, says Ashwani Gujral. Given the amplitude of this recovery, I would not really go on the long side or think that yesterday's bearishness has been taken out, he explains.

  • Budget 2013 can potentially open doors for RBI to reduce rates, says Amisha Vora, Joint Managing Director, Prabhudas Lilladher Group. All the markets, including equities, bonds and currency, have not given a thumps up to the Budget. They have reacted negatively, but we believe that under the given constraints it is a very good Budget and can potentially open the doors for RBI to reduce the interest rates further helping to revive the growth, says Vora.

NIFTY 3-Month

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