Mumbai: The market showed a good come back in the last one hour of trade on rumours that Mukesh Ambani and Anil Ambani jointly will be taking press conference in the evening.
At close, the Sensex was up 10.65 points at 15,867.73 and the Nifty rose 4.15 points to 4,754.10. The recovery was supported by ADAG, private banks, FMCG and the index heavyweight Reliance Industries.
For the week, the market gained over 2.5 per cent due to Tuesday's 421 points rally on the Sensex while benchmarks remained volatile on other days of the week.
For the near-term, joint managing director of Prabhudas Lilladher, Dilip Bhat feels that events such as the RBI policy and the budget will help the Nifty hold the 4500 level.
"The pre-budget rally may be 300 points give and take, so may be around 5000 is the level at which I would be looking at," he said.
European cues too were positive, though the situation in eurozone is difficult. European markets gained 0.4-0.9 per cent as they priced in all negatives for the time being and are awaiting bonds auctions from Spain & Italy.
Globally, Tim Condon of ING Financial Markets believes that it is going to be another year of ranged trading for risk assets. "The data has come in pretty solidly out of the US and that’s helping sentiment to some degree, but the situation in the eurozone remains very difficult and investors are going to be dealing with uncertainty on the European debt crisis at least into the beginning of the year. So, choppy conditions are probably going to prevail," he said.
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