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Market Report

Monday, 27-May-2013

NSE

  • After opening at 19,750.67, Sensex, the 30-share index gained momentum as session progessed to touch high of 20,083.47 and finally settled the day at 20,030.77 -- a gain of 326.44 points or +1.66 per cent. On Friday, Sensex gained 30 points. Last week, Sensex fell by -2.9 per cent on concerns that early withdrawal of US monetary stimulus will hit FII fund flows. The 50-share NSE Nifty shot up by 99.60 points or +1.66 per cent to close at 6,083.15 today.

  • Analysts said the surge in stocks could be due to short-covering ahead of Thudrday's monthly derivative expiry. RIL, which has second-highest weight in Sensex, was the star performer surging 5.12 per cent -- best gain in over 8 months -- after announcing a huge natural gas discovery in the flagging eastern offshore KG-D6 block on Friday.

  • On the global front, Japan's Nikkei share average skidded -3.2% on Monday in an increasingly tense market after last week's turbulent trade that sent the benchmark reeling to its worst one-day loss in two years.

  • Good chance of an upmove on Nifty from current levels, says Mitesh Thacker. Market has kind of managed to bounce back strongly from the lower levels. This is a very positive sign. Nifty may possibly witness 6100-6120 levels. Around these levels, we would look for some kind of weakness to emerge in the market. This is the market which is possibly making newer highs, Thacker said.

  • Nifty may get back past 6100 levels, more upside likely, says Ashwani Gujral. The odds are now shifting and may be we can get back past 6100 because the kind of move we have on Reliance. Fresh trigger seen above 6100, Gujral said.

NIFTY 3-Month

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