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Market Report

Friday, 17-May-2013

NSE

  • The 30-share index rose by 38.79 points, or +0.19 per cent, to close at 20,286.12 today. It has gained 556 points in last three trading sessions. Similarly, the National Stock Exchange index, Nifty, rose by 17.40 points, or +0.28 per cent, to close at 6,187.30 today.

  • Risk appetite improved after Standard & Poor's maintained their rating on India without downgrading it which was feared by market participants due to country's burgeoning current account defecit. Sensex had climbed to its highest level since January 2011 yesterday and has gained one per cent this week, the longest rising streak since October last year.

  • Brokers said the market remained bullish on reports of higher foreign fund inflows on optimism about a rate cut by the Reserve Bank in the wake of falling inflation numbers. They said a better trend in Asian region and higher opening in Europe further influenced the trading sentiment to some extent.

  • Bank Nifty hits fresh high which is positive, says Ashwani Gujral. The break above 6100 or say intraday 6040 that has turned the scales on a longer term basis on to something which is now looking like a powerful bull market, he says.

  • Absolutely positive on market for next week, says Sandeep Wagle. The monthly charts will be completed in the next week or 10 days and that has given a very clear breakout, he says. Bank Nifty is much more stronger than the Nifty and even at Nifty at the current levels 10 points lower we have taken a long position, he adds.

NIFTY 3-Month

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