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Market Report

Thursday, 14-Mar-2013

NSE

  • Sensex, the benchmark BSE index, rose +1.07 per cent, or 207.89 points, to close at 19,570.44 today, marking its biggest single-day per centage gain since March 8. The broader NSE index, Nifty rose +0.99 per cent, or 57.75 points, to close at 5,908.95 today, closing above the psychologically important 5,900 level.

  • Markets ended a three-day losing streak, as interest rate-sensitive stocks rose after lower-than-expected core inflation data raised hopes the RBI would ease monetary policy next week. The data, combined with the government's pledge to stick to its fiscal deficit target, raises hopes the Reserve Bank of India will cut interest rate by 25 basis points at its policy review next Tuesday.

  • On the global front, Japan's Nikkei average climbed 1.2% today, snapping a two-day losing streak, as real estate companies rebounded ahead of the expected confirmation of a new leadership team for the Bank of Japan.

  • Expect some upside in market to 6000-6050 levels, says Hemang Jani of Sharekhan. We believe that there is case for some more upside in the market to, let's say, about 6000-6050 levels. But given the overall weak sentiment towards India and the earnings season not being that great, the upside should be capped around 6000-6050 levels, he adds.

  • Despite short term bottom, Nifty's upside is limited, says Sandeep Wagle. I do not see a big unless 5980-6000 is taken out with force and volumes and then we can talk of a 6100-6150. But as of now, I would still prefer to talk of a move till 5980 or so which is a 50-60 upside from the current levels. On the downside I do not think 5800 will be broken, he adds.

  • Nifty's sharp jump may not be long, says Ashwani Gujral. To get a directional move, this volatility must come down and once the volatility gets fairly narrow from there a new trend needs to emerge. So far this market does not have a trend to trade on, it is sideways and that range is narrowing from 5600 to 6100. Now, we have a new bottom at 5800. We have made second top at 5950-5970. So basically what we are doing is forming a triangle and from this triangle we need to get out in order to get a decisive direction, he says.

NIFTY 3-Month

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