If there is no macro by default, here is the macro code that will do what you want
caret-begin-word "'" caret-end-word "'"
or
caret-begin-word "\"" caret-end-word "\""
NOTE. This will only cover WORD in quotation marks. Not your choice.
You can also select what you want and just click ' or "to surround the selected part with quotes
Tested in NetBeans 7.2.1
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