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Market Report

Monday, 22-Apr-2013

NSE

  • The benchmark BSE index, Sensex, rose +0.81 percent, or 153.37 points, to end at 19,169.83 today, marking its highest close since March 18. The broader NSE index, Nifty, rose +0.89 percent, or 51.30 points, to end at 5,834.40 today, closing above the psychologically important 5,800 level.

  • Expectations that Indian lenders' January-March earnings would beat estimates, and a gain in European stock markets on a possible resolution to Italy's long-running political crisis, also helped Indian stocks.

  • The Reserve Bank of India is likely to cut interest rates next week for a third time this year, drawing comfort from a fall in inflation as it seeks to help lift the economy from its lowest growth in a decade, according to a Reuters poll. Experts expect the central bank to cut the repo rate by 25 basis points to a two-year low of 7.25 percent when it holds its policy review next week. Analysts also expect the RBI to sound more optimistic than its March policy as a slump in gold and crude prices is seen helping narrow India's current account deficit.

  • 5950 next logical target, says Mitesh Thacker. If we have couple of days of consolidation at higher levels, 5950 now looks to be the next target which the index should head towards, he says.

NIFTY 3-Month

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