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Market Report

Friday, 14-June-2013

NSE

  • Sensex, the 30-share index started the day strong at 19,022.68 and increased further to settle 350.77 points, or +1.86 per cent, higher at 19,177.93 today. Sensex had slipped below the 19,000-level to 18,827.16 yesterday, losing 613.91 points, or -3.16 per cent in last three sessions. Similarly, broad-based National Stock Exchange Nifty rose by 109.30 points, or +1.92 per cent, to close at 5,808.40 today on all-round buying by funds as lower headline inflation revived hopes of a rate cut by RBI next week, amid smart recovery in global markets.

  • Brokers said the WPI-based inflation falling to a 43-month low at 4.7 per cent in May raised hopes of a rate cut by the Reserve Bank in its mid-quarter monetary policy review on Monday, June 17. Also, rupee stabilising above the 57 level in intra-day today pushed up local stocks.

  • Buying activity gathered momentum after Finance Minister P Chidambaram said more reform measures are on the anvil to boost economic growth.

  • On the global front, Japan's Nikkei average climbed 1.9% on Friday, rebounding from a slump in the previous session, as robust data eased concerns over whether the U.S. economy can withstand a pullback in stimulus by the Federal Reserve.

  • Going short on index not a good idea right now, says Ashwani Gujral. The market has not bounced up from the right zones. It should have bounced up from say 5600 kind of zone, Gujral said.

  • Nifty may head towards 5850-5860 levels, says Sandeep Wagle. I was more bearish earlier, but looking at the price action now, I see the Nifty going towards 5850-5860 levels, Wagle said.

  • Nifty forms positive island reversal pattern; rally seen over 6000 levels, says The Economic Times. The benchmarks indices have been hitting fresh intraday highs and are comfortably placed above crucial support levels, says their website.

NIFTY 3-Month

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