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Market Report

Friday, 19-July-2013

NSE

  • The Sensex, which had gained 277 points in past two sessions, advanced further by 21.44 points, or +0.11 per cent to close at 20,149.85 today. Though, it commenced on a promising note to touch 2-month high of 20,256.60, fag-end profit booking wiped off some initial gains. However, the broad-based National Stock Exchange index Nifty surrendered all gains to end lower by 8.85 points, or -0.15 per cent, to close at 6,029.20 today, after climbing to 6,066.85.

  • Brokers said market sentiment bolstered after Tata Consultancy Services (TCS), Asia's largest software exporter by market value, gained 5.3 per cent following robust Q1 earnings, leading peers like Infosys higher.

  • After market hours today, Mukesh Ambani-led Reliance Industries reported a Profit After Tax (PAT) of Rs 5352 crore for the first quarter of the current financial year versus Rs 4,503 crore year-on-year. This is a percentage increase of 18.9 per cent YoY. Analysts say, these numbers are pretty much in line with the expectations and there is nothing significantly changed. They feel that RIL may not rally much on Monday as the price has already moved-up ahead of results. It is the derivative expiry next week.

  • Meanwhile, Asian stocks ended on a negative note pared early gains on back of caution ahead of Japanese Upper House elections on Sunday, Group of 20 finance ministers meeting on Friday and Saturday and after profit at Google and Microsoft trailed estimates.

  • Bank Nifty weakness will cause corrections across sectors on Nifty, says Mitesh Thacker. For Nifty to give some kind of corrective signal, it should now start getting below 5975-5970. If that happens we would see the rest of the pack also goes through some kind of correction, he cautions.

  • Nifty may not go beyond 6100, says Ashwani Gujral. The index is choppy. The Nifty slowly losing momentum. Everyday one story or the other that pulls it up. Chances are that we will not go substantially beyond 6100 but maybe the market will take a bit of time in turning because there are still sectors which are strong like IT, pharma, tech, etc., he adds.

NIFTY 3-Month

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