Street signs: 9,700, a hurdle for Nifty's climb

Analysts said three unsuccessful attempts have been made, falling slightly short every time

Many investors have set their eyes on the 10,000-point mark for the National Stock Exchange's benchmark index, Nifty 50. However, the index is facing stiff resistance at 9,700 points. Technical analysts say the 50-share index has so far made three unsuccessful attempts to cross the psychological hurdle, falling slightly short every time. On Friday, it closed at 9,665.8. “The index can top 10,000 within weeks once it convincingly crosses 9,700-9,720 level,” says one technical analyst.

CDSL closes gap with parent

Shares of Central Depository Services (CDSL) have gone up 2.2 times over its initial public offer (IPO) price in only six trading sessions since its listing. In the process, the depository firm has narrowed the gap in market value with parent BSE. Currently, CDSL has a market capitalisation of Rs3,460 crore, just 40 per cent less than that of BSE’s Rs5,727 crore. At the IPO price, CDSL was valued at just a fourth of the BSE. The spike in CDSL’s stock price, however, will provide a kicker to the BSE, as it owns 24 per cent stake in the depository.