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Market Report

Friday, 10-May-2013

NSE

  • After a better start, the 30-share Sensex ended higher by 143.58 points, or +0.73 per cent to 20,082.62 today, a level last seen on January 30. The index had touched 20,000-mark in the last few sessions but today closed above the key level on sustained buying by FIIs. The broad-based National Stock Exchange index Nifty rose by 44.60 points, or +0.74 per cent to calendar year's highest level of 6,094.75 today. Similarly, MCX-SX flagship index SX40 closed up by 80.66 points, or +0.68 per cent, at 11,874.70 today.

  • Brokers said trading sentiment was bolstered on robust inflow of foreign funds into the domestic markets amid data showing industrial production during March improved to 2.5 per cent, after a moderate growth of 0.6 per cent in February 2013. The Index of Industrial production had registered a growth rate of 2.4 per cent in January 2013. This has raised hopes of economic growth crossing 6 per cent mark in the current fiscal. FIIs have bought over USD 12 billion of Indian equities so far this year, a record for the period.

  • The next crucial trigger for the markets will be the inflation data on Monday.

  • Meanwhile, global risk appetite was mixed as investors took a breather from recent rallies overnight. Japanese shares climbed to a 5-1/2 year high on Friday as the U.S. dollar broke through the elusive 100-yen mark and extended its gains.

  • Nifty may not go beyond 6300-6330 levels in near-term, says Sandeep Wagle. I do not see any visible sign of weakness, there could be some kind of a correction of 100-150 points at any point of time, Wagle said.

  • Market moving higher, but momentum not in the same direction, says Ashwani Gujral. It will be useful to update stop losses to about 6040-6050. On Bank Nifty, we are not really able to have a gung-ho rally, Ashwani said.

NIFTY 3-Month

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