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Market Report

Friday, 22-Mar-2013

NSE

  • There was bloodshed on Dalal street as the Sensex, falling for the sixth straight day, fell by 57.27 points, or -0.30 per cent, to 18,735.60 today. The broad-based National Stock Exchange index Nifty fell by 7.40 points, or -0.13 per cent, to close at 5,651.35 today.

  • Domestic and global negative factors weighed heavily on the bourses as both the benchmark indices, S&P BSE Sensex and the CNX Nifty, tanked sharply and ended at four-month lows following across-the-board sell-off, extending their losses for the second straight week. The 30-share Sensex plunged by about 692 points, while 50-scrip Nifty nosedived 221 points this week to register their biggest weekly fall in the current calender year.

  • The Sensex posted its biggest weekly fall in absolute term since second week of December 2011 when it had plunged by 722.11 points, or -4.45 per cent, and the Nifty since third week of November 2011 when it had slumped by 263 points or -5.09 per cent.

  • Expect Nifty to be choppy next week, says Sudarshan Sukhani. There are just three trading days in the next week. Bank Nifty is trading at its lows, so short selling is difficult. Buying is also not very easy, therefore the chances are that in the three days are likely to pass away without any significant trades, he said.

  • Market will head towards 5750 range in next week, said Mitesh Thacker. My sense is that the decline might be arrested but we might not get a very strong bounce back so it could be a phase of 5620 holding out on the lower side to about 5750-5770 which is the immediate supply point that acting as some kind of strong resistance level.

  • Stock markets may remain volatile in truncated week, say Experts. With no major data coming out next week and it being a holiday-shortened week, markets will look out for liquidity flows and cues from international markets. Political overhang remains, but expect some value-based buying in the stocks which have seen deep correction, said experts.

  • Stock markets will remain shut on Wednesday and Friday on account of 'Holi' and 'Good Friday', respectively.

NIFTY 3-Month

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