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Market Report

Friday, 07-Jan-2011

NSE

  • The markets tumbled steeply and no sector was there to stop the free-fall. Metal was the biggest loser with auto, IT and capital goods not far behind. Some buying was seen in banking sector but it was confined to only a few stocks. The Sensex closed at 19691, down 492 points from its previous close, and Nifty shut shop at 5904, down 143 points.

  • It was significant loss for the markets this week and along with benchmark indices, all sectoral indices closed in the red. The numbers are following: the Sensex down 4% and Nifty down 3.8%. The CNX Midcap index was down 4.1%, BSE Smallcap index was down 3% over the week.

  • The current down move that we are seeing in the market is a correction, says Rahul Mohinder, technical analyst, on CNBC TV18. The Nifty support at 6050-6000 has been broken now, he adds.

  • We have a bullish view on the Indian markets for the long term and expect the Nifty and Sensex to test new highs this year, says Seth Freeman of EM Capital Management on CNBC Awaaz. Rate increase and rising inflation are a matter of concern for India, he adds.

  • The Indian economy and the equity market have stepped into 2011 facing some powerful headwinds, says Bharat Iyer of JPMorgan on CNBC TV18. He thinks that Goverment policy will have to deal with these decisively early in the year to ease investors fear of key macro issues like rising crude, higher inflation and tight liquidity which is expected to continue in 2011.

NIFTY 3-Month