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Market Report

Tuesday, 12-Mar-2013

NSE

  • The benchmark BSE index Sensex closed down -0.41 per cent, or 81.29 points, at 19,564.92 today. The broader NSE index Nifty fell -0.48 per cent, or 28.25 points, to close at 5,914.10 today.

  • The Indian markets fell for a second consecutive session today, as interest rate-sensitive stocks retreated after better-than-expected factory data and accelerating consumer inflation raised doubts about whether the central bank would ease monetary policy this month.

  • Traders said wholesale price-based inflation data due on Thursday would be crucial for cementing final views on monetary easing ahead of the central bank's policy review on March 19.

  • In Asia, Japan's Nikkei share average fell today, snapping an eight-day winning streak, as investors took profits on recent gainers. Stocks in Europe were trading mixed today. European shares edged back off four and a half year highs on Monday as weak economic data from China and worries about Italy took the shine off strong US jobs numbers last week.

  • Market looks like in consolidation mode with positive bias, says Mitesh Thacker. This looks like more of a pause as of now. We cannot say with certainity that a big decline is going to happen unless Nifty starts to trade below 5860-5850 on a closing basis, says Thacker. After a very good run, it could be 4-5 days of gap and 100 point range of consolidation but there is a good chance that we will possibly attempt a breakout on the upside very soon again, and try to get past levels of 5960-5970. If that happens, then 6050 looks like a very logical first target, he adds.

  • According to a report from brokerage firm Macquarie, the government is keeping the momentum on reforms, world growth is suddenly starting to look up again and the risk-on trade is starting to come back. We expect such volatility at the bottom, but recovery is surely on and buying on dips remains the call, the Macquarie report said.

NIFTY 3-Month

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