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Market Report

Tuesday, 30-Apr-2013

NSE

  • The benchmark Sensex rose +0.6%, or 116.68 points, to end at 19,504.18, gaining for the first month in three with a 3.5% rise in April. The Nifty rose +0.44%, or 26.10 points, to end at 5,930.20 today, above the psychologically important 5,900 level, gaining 4.4% in April. The markets will be closed on Wednesday for May Day.

  • The gains were led by gains in Hindustan Unilever after its parent made a $5.4-billion offer to raise stake in it. The gains also tracked advances in European share markets as some investors positioned for the European Central Bank and the US Federal Reserve to extend their monetary measures to stimulate economic growth.

  • Finance Minister P Chidambaram's clarification that a tax residency certificate issued by a foreign government would be an accepted proof of residency for tax purposes also helped the stocks, dealers said.

  • Asian stock indices ended higher on Tuesday amid hopes of aggressive monetary policy easing by the European Central Bank and US Federal Reserve to stimulate global growth.

  • Technically, bull market may be round the corner, says Ambit Capital. The run-up in the markets in the last two weeks may just be the beginning of a much larger uptrend, they say.

  • Expect some consolidation in the market, says Mitesh Thacker. 5950 would be a level which might be difficult for the markets to cross and only with some kind of positive news in policy, Thacker said.

  • A mix of several sectors keeping the market up, says Ashwani Gujral. Hindustan Lever probably saved Nifty the blushes and at one point Bank Nifty was down 200 points, says Gujral.

  • Expect world majors to start looking at Indian market very seriously, says Deven Choksey. HUL is having the parent inject fresh funds into the company which means that a few possibilities could emerge from here onwards, he adds.

NIFTY 3-Month

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