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Market Report

Monday, 06-May-2013

NSE

  • The Sensex recovered by 98 points, or +0.50 per cent, to close at 19,673.64 led by stocks of IT and metals. The index had lost 160 points in the previous session. Similarly, the broad-based National Stock Exchange index Nifty rose by 27.05 points, or +0.46 per cent, to close at 5,971.05 today.

  • Brokers said trading sentiments bolstered as the Reserve Bank of India cut key interest rates on Friday to give a push to the slowing economic growth. They said foreign as well as domestic funds were seen enlarging their holding in fundamentally strong stocks available at attractive lower levels after recent bear phase. A better trend in the Asian region and higher opening in Europe after more-than-expected rise in the US job data signalled improvement in global economy, was another supporting factor, they added.

  • Deutsche Bank reaffirmed its target for the BSE Sensex at 22,500 by December and said it expects further 75 basis points cut in repo rate this year.

  • Buying on dips to sustain till market moves higher, says Ashwani Gujral. Buying on dips will sustain as long as the level of 5930 sustains. The market needs to move higher by crossing the 6020-6030 levels and that is the real test. Band of 6000-6100 is the next key resistance. If we can cross that, then you will get a very sharp move, but it seems unlikely, he adds.

NIFTY 3-Month

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