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Market Report

Thursday, 30-May-2013

NSE

  • After touching the day's low of 20066.14, the Sensex bounced back to close higher by 67.76 points, or +0.34 per cent, at 20215.40 on brisk buying in last 30 minutes of trade. On similar lines, the National Stock Exchange index Nifty rose by 19.75 points, or +0.32 per cent to 6,124.05 led by stocks of auto and FMCG sectors.

  • Volatility marked the session with the the 30-share Sensex slipping between alternate bouts of selling and buying amid expiry of monthly derivative contracts today. This is the highest closing for the Sensex since 20,223.98 on May 20. All eyes are on fourth quarter GDP data release tomorrow even as growth is expected to be around 4.8-5 per cent, said experts.

  • Positive trend in European markets also influenced the domestic markets, added experts. However, another 5 per cent dive in Japan's Nikkei in Asian trading left MSCI's world index at a three-week low. Global risk appetite was also frail amid looming fear over a pull-back of stimulus by the US Federal Reserve earlier than expected.

  • Expect Nifty to go up to 6900 by FY14-end, says Gul Tekchandani. If the monsoon enters Kerala as has been talked about and if the oil continues to remain where it is, all these factors for the medium and long term are positive and I would expect the markets to head higher, he adds.

  • India to enter new bull market; Sensex seen at 25,900, says a report from Centrum Equity Research. We believe that the Sensex will touch a new high of 25,900 by December 2014. On the fundamental side, this rally will be driven on the back of the recent correction in commodity prices, fall in interest rates and continuous efforts by the government to revive growth, the report said.

  • Overall market is narrowing, there is no participation from midcaps, nothing from high beta stocks, says Ashwani Gujral. What you have in the market is probably a couple of auto stocks and an ITC. If big names and banking stocks do not participate or under perform there is no way to stay past 6100. It is very difficult in this sort of a market fabric to move forward, he adds.

NIFTY 3-Month

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