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The Nifty has to rally above 6,030 for a fresh upmove to start. A decline below 5,930 will trigger further selling
The market ended lower in the week as subdued macro-economic data overshadowed the upbeat guidance from IT major Infosys. Inflation data for December, which will be announced on Monday, and corporate results for the December quarter will drive the market in the week ahead.
The Sensex closed the week down 120 points (0.61%) at 19,664 and the Nifty finished at 5,951, a cut of 65 points (1.08%). The market is under selling pressure. The Nifty has to rally above 6,030 for a fresh upmove to start. A decline below 5,930 will trigger further selling.
The market settled in the negative on Monday on subdued global cues. The benchmarks settled in the positive on Tuesday on late buying in realty, FMCG and healthcare sectors. The market settled lower on Wednesday on the geopolitical tensions between India and Pakistan after brutal killing of two Indian soldiers by Pakistani troops along the Line of Control in Poonch district of Jammu and Kashmir the previous day.
The indices settled marginally lower on Thursday on nervousness a day ahead of the official kick-off of the December quarter results season. A contraction in industrial output for the month of November and lower exports in December pulled the market down on Friday.
BSE IT (up 8%) and BSE TECk (up 6%) were the top sectoral gainers while BSE Capital Goods (down 5%) and BSE Consumer Durables (down 4%) were the biggest losers in the week.
Infosys (up 16%) led the Sensex pack on its upbeat revenue guidance for FY13. Other top gainers on the benchmark were Tata Motors (up 5%), Wipro (up 4%), ONGC (up 3%) and Maruti Suzuki (up 1%). The key losers were Hindustan Unilever (down 7%), BHEL, Larsen & Toubro, Jindal Steel & Power (down 6% each) and Hindalco Industries (down 4%).
The Nifty leaders were Infosys (up 15%), Tata Motors (up 5%), Wipro (up 4%), ONGC (up 3%) and HCL Technologies (up 2%). The chief losers were Ambuja Cements (down 10%), Jaiprakash Associates, UltraTech Cement (down 8% each), HUL and BHEL (down 7% each).
Declining for the eighth month in row, India’s exports contracted by 1.92% in December 2012 to $24.8 billion. Imports, on the other hand, grew by 6.26% to $42.5 billion in the same month, widening the country’s trade deficit to $17.6 billion in December.
Industrial production declined 0.1% in November 2012, government data released on Friday showed. Meanwhile, the government revised upwards industrial production growth for October 2012 to 8.34% from 8.21% reported earlier.
Railway minister Pawan Kumar Bansal on Wednesday a hike in passenger fares ranging from 2 paise per km to 10 paise per km with effective from the midnight of 21 January. The government is unlikely to give more funds to the Railways and several modernisation projects can be undertaken only if the Railways can generate enough revenues, the minister said while justifying the hike.
Fitch Ratings on Tuesday reiterated its negative outlook on India's sovereign rating and said it is worried more about the country's deteriorating fiscal outlook than a slowdown in economic growth and price pressures. Inflation and growth are likely to stabilize in the near term, but India's widening current-account and fiscal deficits have become a greater concern, it added.
In international news, the European Central Bank held interest rates at a record low of 0.75% and announced no new stimulus measures on Thursday. The Bank of England also left its base interest rate and its monetary stimulus program unchanged, as widely anticipated.
The Japanese government said on Friday, it will spend 10.3 trillion yen ($116 billion) to boost growth in prime minister Shinzo Abe's first major policy initiative. Around 3.8 trillion yen will be for disaster prevention and reconstruction, with 3.1 trillion yen directed to stimulating private investment and other measures.