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Market Report

Monday, 11-Mar-2013

NSE

  • The Sensex, which had gained 805 points in last four session on expectations of an interest rate cut, fell by 37.02 points, or -0.19 per cent to 19,646.21 today. The 30-share gauge had moved between 19,754.66 and 19,602.71 during the day. The broad-based National Stock Exchange index Nifty lost 3.35 points, or -0.06 per cent to close at 5,942.35 today, after shuttling between 5,971.20 and 5,930.35 in intraday.

  • Brokers said funds were seen booking profits from the recent rally ignoring the positive outlook for the interest rate cut by the Reserve Bank of India next week. Investors were reducing their holdings ahead of industrial and inflation data in volatile trade, which was further influenced by a weak global trend, brokers added.

  • European shares were trading lower on concerns over downgrade of Italy's sovereign rating and some discouraging economic data from China over the weekend. European stocks fell from a over four-year high and Italian bonds slumped after reports said Fitch Ratings downgraded the nation's credit rating.

  • Look for levels around 5890, says Mitesh Thacker. I do not see in the short term any significant decline to happen below levels of 5860-5850, he says. Now if the Nifty starts trading beyond 5975, then you will look for immediate test of around 6020-6050 on the upside, adds Thacker.

  • Look for 6050 range in the coming days, says Ashwani Gujral. The kind of correction we saw of today will half the stocks moving higher, half of them moving lower that is more of consolidation type of action, he adds.

NIFTY 3-Month

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