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Market Report

Wednesday, 08-May-2013

NSE

  • After hitting 20,000 level, the Sensex closed 101.23 points, or +0.51 per cent, at 19,990.18 today, a level last seen on January 31. It had gained 313 points in last two sessions. The broad-based National Stock Exchange index Nifty rose by 25.75 points, or +0.43 per cent, to close at 6,069.30 today.

  • Brokers said the market remained in bullish mode ever since the Reserve Bank of India cut key interest rate to bolster economic growth last week and heavy foreign funds inflows. They said a firming global trend as China's exports topped estimates and European central bank cutting interest rates to revive economy, further fuelled the uptrend.

  • A robust fourth-quarter performance by mortgage lender HDFC and the Congress win in Karnataka also fanned the positive sentiment, said brokers. Markets surged in afternoon session today after Congress-led UPA government emerged as a clear winner in the crucial Karnataka assembly, thereby ending political uncertainty.

  • Look for levels around 6150, says Sandeep Wagle. I would not be surprised if the prior all time high of 6300-6330 is tested but I do not think that it will be crossed in such a hurry, he adds.

  • If commodities go through another bout of correction, we will surprise on the upside regardless of global cues etc. because this is a commodity sensitive market, could outperform, says Ashwani Gujral.

NIFTY 3-Month

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