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Market Report

Wednesday, 06-Mar-2013


  • Sensex, the Bombay Stock Exchange 30-share barometer, resumed higher and moved in positive terrain throughout the day before ending at 19,252.61 today, a gain of 109.44 points or +0.57 per cent. Yesterday, it had registered its biggest gain in the current calender year by rising 265.21 points. The 50-issue CNX Nifty of the NSE also improved further by 34.35 points or +0.59 per cent to settle above 5,800-mark at one-week high of 5,818.60 today.

  • Brokers said the domestic market got a boost and ended higher for the second straight day after Asian stocks closed with marked gains while European stocks too were trading higher in early trade due to smart rise on Wall Street last night on signs of an improving US economy. The Dow Jones Industrial Average ended up by 0.89 per cent to all-time closing high of 14,253.77, breaking the previous peak of 14,164.53 set on October 9, 2007.

  • The bounce could continue a bit more, says Prakash Diwan. Maybe could test the 5930 kind of levels, but my sense is that profit booking will definitely be part of the game. Particularly the way we have seen the midcaps react, some of the large caps would also be subject to some sort of quick profit booking, he adds.

  • Don't play for big uptrend in market, says Mitesh Thacker. Some of the beaten down names could do better than the market typically when the market gives a signal of reversal from oversold levels. So beta stocks will work out well, the only thing one needs to really be careful is that you are not playing for a big uptrend. You are not playing for starting of a smoother uptrend.

  • Indian market unlikely to fall amid all time high in global markets, says Ashwani Gujral. It is very difficult for our market to fall if global markets are making all time highs. Even if we underperform, chances are we will be sideways so as far as I can understand this, 5650 and 6100 are the two extreme points and within this band, we could trade for a couple of months, he adds.

NIFTY 3-Month

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