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Market Report

Monday, 08-Apr-2013

NSE

  • The 30-share Sensex remained volatile before ending with a loss of 12.45 points, or -0.07 per cent, to 18,437.78, levels last seen in November 2012. The index had lost over 590 points in last three sessions. The gauge shuttled between 18,504.48 and 18,402.93 during the session in muted trading. Similarly, the broad-based National Stock Exchange index Nifty declined 10.30 points, or -0.19 per cent, to 5,542.95, after moving between 5,569.20 and 5,537.05 range.

  • On the global front, the yen tumbled and Japanese stocks soared today as the Bank of Japan lost no time embarking on its ambitious stimulus drive, but weak US jobs data and regional risks such as the bird flu and North Korea weighed on other assets. The Nikkei surged 2.8%.

  • Markets remained highly range-bound with negative bias but some stocks saw buying at lower levels. Fourth quarter earnings season, which begins with Infosys results on Friday will decide the market trend going ahead. Industrial production numbers, which is due on Friday, may also have some impact on the trading sentiment this week as IIP data is likely to be a key input for RBI's next policy review on May 3. Foreign funds sold shares worth Rs 8.97 billion in previous three sessions, provisional exchange data showed.

  • After slipping over 1000 points or 5 per cent so far in the year 2013, the S&P BSE Sensex is expected to fall further towards 18000 levels, say analysts. The benchmark index has been under pressure recently, weighed down by political uncertainty which has dampened sentiment amid growing fear of early Lok Sabha polls, they say.

  • Market to head towards levels of 5420-5430, says Mitesh Thacker. I retain my opinion that in the next couple of weeks we might head towards levels of around 5420-5430 on the downside, he adds.

  • Difficult for market to rally beyond 5650, says Ashwani Gujral. While the index has kind of held on, the IT index and the Bank Nifty have not done so well, says Gujral.

  • Early elections could provide needed impetus to markets, says Pankaj Pandey of ICICIdirect. The earnings are definitely quite subdued and which is why we really do not see the markets heading anywhere on its own, says Pandey.

NIFTY 3-Month

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