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Market Report

Tuesday, 26-Mar-2013

NSE

  • The Sensex closed 23.11 points up, or +0.12 per cent, to close at 18,704.53 today. The index moved between 18,758.88 and 18,612.37 points. The gauge had lost 890 points in last seven trading sessions. Similarly, the broad-based National Stock Exchange index Nifty rose by 7.75 points, or +0.14 per cent, to close at 5,641.60 today, after moving between 5,655.30 and 5,612.05 intraday.

  • Brokers said trading sentiments improved on investors covering their pending long positions created in last seven sessions of losses before the settlement in derivatives segment on Thursday and some winding up their positions on ending of the current financial year. They said the market received another boost on reports of higher opening in Europe before US data that may show durable-goods orders increased and new-house sales held close to a four-year high last month.

  • Trading started on a cautious note amid brewing concerns over lack of support to Congress-led UPA government from its key political allies after DMK withdrew support last week. However, confidence among global investors received a great booster after the government approved six FDI proposals, including that of AirAsia, totalling over Rs 732 crore.

  • Global risk appetite also remained frail with traders in most part of the world treading cautiously amid renewed worries about the financial situation in the eurozone following the bailout plan for Cyprus. Japan's Nikkei and Shanghai ended down.

  • Expect markets to be bearish in coming days, Go short on markets, says Ashwani Gujral. There is a lot of weakness and playing for bounces is often going to lead to trouble more than your making something on the upside. The structure of the market is such that when we went up, we went up 30% in five months and this is a one sided market, says Gujral.

  • Take short positions on markets, Expect markets to head on lower side, says Mitesh Thacker. As of now, it is more of a balanced approach wherein we are trading with a stock specific kind of an idea. I would wait for the index to start trading below 5620 to take further short positions or wait for a bounce back to happen, says Thacker.

  • The market will remain closed on Wednesday and Friday on account of Holi and Good Friday, respectively.

NIFTY 3-Month

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