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Market Report

Thursday, 28-Mar-2013

NSE

  • A wave of buying during last half hour of trade helped Sensex end today at 18,835.77, a rise of 131.24 points or +0.7 per cent. This is its highest closing since 18,884.19 on March 20. The CNX Nifty of NSE also improved further by 40.95 points or +0.73 per cent at 5,682.55 today.

  • Our markets closed the 2012-13 financial year on a positive note amid settlement of monthly derivative contracts. After opening flat, the 30-share Sensex hit a new four-month low of 18,568.43 in the first hour of trade on weak Asian sentiments on concerns over the European debt crisis.

  • In domestic news, for the first 11 months of the current financial year, the Centre's fiscal deficit touched 97.4% of revised estimate (RE) for 2012-13, official data showed today. In absolute terms, the fiscal deficit stood at Rs 5.07 lakh crore against Rs 5.21 lakh crore estimated in the RE, the data provided by the Controller General of Accounts revealed.

  • Around the world, Asian stocks closed lower on concern Europe's debt crisis is deepening and after pending US home sales fell, damping earnings prospects for Asian exporters. However, global risk appetite improved later and Europe was trading slightly better in early trade today after reports of unexpected rise in German retail sale data countered concerns over Europe's debt crisis.

  • The Indian benchmarks have ended the financial year FY13 with over 7 per cent gains on the back of strong fund flows from FIIs on the hope of economic reforms. The S&P BSE Sensex rallied 8.3 per cent while the Nifty rose 7.4 per cent this fiscal as FIIs pumped in Rs 1.4 lakh crore in Indian equities. However, the Indian markets underperformed many of its EM peers on concerns of macro economic data and political restraints.

  • Nifty may go up to 5800 to 5820 levels, says Mitesh Thacker. Once we get closing above 5650-5660, we will possibly see lack of selling pressure. We will see some kind of buying emerge and short covering emerge that is exactly what happened, he adds.

  • Pullback is a smart thing to do at this time, says Ashwani Gujral. Getting a rally is a very different thing from the fall stopping. That may need some kind of news or something to happen to take the market higher. It is probably not going to fall below 5600 for a few days. If you are short from higher levels this is a good time to take profits and then look to go short again around 5720-5750, if we are able to get to those levels, he adds.

NIFTY 3-Month

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