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Market Report

Thursday, 06-Jan-2011

NSE

  • It was third consecutive day for the markets to close in negative territory. Barring IT, all the sectoral indices closed negative and pressure primarily came from realty, banking and auto sectors. Midcap Index was also under pressure today and primarily it was fertilizer that brought it down. The Sensex closed at 20184, down 116 points from its previous close, and Nifty shut shop at 6048, down 31 points.

  • The upside now appears capped at 6220 on the Nifty, says Ambareesh Baliga of Karvy Stock Broking on CNBC TV18. In the short term, there is support at 6000-5980 but towards the end of the month, we could see the market going down to 5800-5700, he adds.

  • We expect correction in the January series and the market could go down to 5900-5800, says Somil Mehta of Sharekhan on NDTV Profit. He sees resistance on the Nifty at 6180 and is bearish on banks and auto and believes metals are weak in the short term.

  • Inflation Update: Primary articles inflation for week ended December 25 has come in at 20.20% versus 17.24% (WoW), food articles inflation is at 18.32% versus 14.44% (WoW) while fuel group inflation remains unchanged at 11.63% (WoW), reports NDTV Profit.

NIFTY 3-Month