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Market Report

Tuesday, 21-May-2013

NSE

  • The benchmark BSE index, Sensex, fell -0.56 percent, or 112.37 points, to end at 20,111.61 today, marking its lowest close since May 14. The broader NSE index, Nifty, fell -0.70 percent, or 42.80 points, to end at 6,114.10 today.

  • The share markets tumbled for a second consecutive session today, hitting their lowest close in a week as recent outperforming blue-chips fell on doubts about whether foreign investors will continue their strong buying so far.

  • Profit-booking is seen across the board as markets went up too fast, too soon, said G. Chokkalingam, executive director and chief investment officer at Centrum Wealth Management. While domestic institutional selling may continue for a while, foreign investors won't turn major sellers, added Chokkalingam.

  • Asian shares were largely subdued ahead of Wednesday's release of minutes of the Federal Reserve's last meeting and chairman Ben Bernanke's testimony in Congress the same day. Those events are expected to provide cues about the future of US monetary stimulus programme, which analysts have said is a big contributor to foreign flows into Indian stocks.

  • Markets will soon be at all-time high, says AK Prabhakar of Anand Rathi Financial Services. It is expected that the worst will be over by June and we will be in 7000 territory by December. Today is the FED meeting. Whatever happens there will have an impact, he adds.

  • Market is losing momentum, says Ashwani Gujral. That momentum needs to rebuilt before we can move forward so let us see where we find support. We move sideways till the momentum builds up again that happens in a strong market or the market begins to correct, he adds.

  • Look for range around 6220 to 6130 on Nifty, says Mitesh Thacker. Overall we are trading light in the sense that the intraday structure has kind of slightly weakened, he adds.

NIFTY 3-Month

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