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Market Report

Friday, 05-Apr-2013

NSE

  • The Sensex closed 59.47 points, or -0.32 per cent down to 18,450.23, its lowest level since November. It touched the day's low of 18,389.29. The guage had lost 531 points in last two trading sessions. The broad-based National Stock Exchange index Nifty declined by 21.50 points, or -0.39 per cent, to close at 5,553.25 led by stocks of FMCG and consumer durables.

  • Brokers said the market remained in bear grip as foreign funds indulged in heavy selling, fearing slowdown in growth, besides a weak quarter earnings. The foreign funds sold a net 62.8 million dollar worth of Indian shares on April 3, a second day of net outflows, according to data from the market regulator SEBI.

  • However, a steep rise in Maruti Suzuki and sugar stocks after the government partially decontrol the sugar sector saved the market from any major fall.

  • Global risk appetite slightly improved after the Bank of Japan's new governor announced unprecedented monetary easing to end two decades of economic stagnation. However, a weakening trend in Europe ahead of monthly US payroll data further influenced the market sentment. Meanwhile, Chinese markets dropped on concerns airlines may be shut, hurting exports after a new strain of bird flu hit the region.

  • Expect Nifty to go down by 100-150 points, said Ashwani Gujral. Chances are 5400-5450 will lead to that pullback because we are getting to some fairly key trend lines, says Gujral.

  • Expect markets to decline next week, says Mitesh Thacker. Very clearly there is no reason to assume that this trend or this decline is kind of getting reversed, says Thacker.

  • Markets may get a trigger from earnings season, says Prakash Diwan. We could probably see the Nifty recovering a bit you would probably see some midcap value buying also, says Diwan.

NIFTY 3-Month

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