Bourses lose on new Samvat year

Market: Roboust FII inflow & bullish trend in global mart keeps it firm

A special one-hour Muhurat trading was held on Saturday, on the bourses to mark the beginning of the new Samvat year as per the Hindu calendar. Trading commenced at 6.15 pm and closed at at 7.15 pm. The National Stock Exchanges Nifty opened at a 52-week high of 5159.35 and closed at 5141.80 points. “The valuation concerns have been overdone.

Market correction
Though the market has sharply appreciated, it is still not over-valued,” Angel Broking Chairman Dinesh Thakkar, said on the sidelines of the Muhurat trading. The visibility on corporate earnings would be a key driver for the markets, Thakkar said. The market has already doubled and it may witness a correction of about 10-20 per cent in the near future, Tata Mutual Fund’s Managing Director, Ved Prakash Chaturvedi, said.  Sectors like infrastructure and hotels which have underperformed in the recent past, may see a buying interest, Chaturvedi said.

The Samvat 2065 was a very profitable year for investors as it gave a whopping 103 per cent returns. The Sensex, which hit a high of 21206.77 on January 10, 2008, nosedived 59.8 per cent in nine months as panic-stricken foreign investors pulled out a whopping US$10.4-billion in fiscal 2009.

The BSE Sensex slumped to a 52-week low of 7,697.39 points during ‘Muhurat’ trading last year before closing with a gain of 8,812.80 points, or 103.56 per cent at 17,322.82. Robust foreign fund inflows and a bullish trend in the global markets kept the market on a firm note.