IntradayTrade dot Net
Market Report

Wednesday, 12-Jan-2011


  • The markets were quite inconsistent today and after trading in the red in most part of the afternoon, they recovered and closed with the gains of more than 1.5%. Barring capital goods, all the sectoral indices closed in the green. Banking, IT, realty, auto and metal were the prime sectors responsible for the gains in the markets. The Sensex closed at 19534, up 337 points from its previous close, and Nifty shut shop at 5863, up 109 points.

  • The market is likely to remain in a range till the Budget, with 5700 on the downside and 6200 on the upside, says Sanjeev Bhasin, investment advisor, on NDTV Profit. He believes that the volatility in the market would subside by next week and sees strong support for the Nifty at 5700-5600.

  • High inflation numbers and low IIP data are matters of concern, says Indian Finance Minister Pranab Mukherjee, reports NDTV Profit. We will have to take corrective steps to pull up IIP, he adds, says the channel.

  • I expect a strong recovery after the recent fall with the Nifty likely to find strong support at 5690 and banks leading the rally, says Deven Choksey of KR Choksey Securities on CNBC TV18.

  • The IIP data for November has come in at 2.7% versus 10.8% (MoM), reports CNBC TV18. Manufacturing sector growth is at 2.3% versus 12.3% (YoY) and mining sector growth is at 6% versus 10.7% (YoY), it adds. Capital goods growth has come in at 12.8% versus 11% (YoY), electricity growth is at 4.6% versus 1.8% (YoY), consumer non-durable goods growth is at -6% versus 2.3% (YoY) while consumer durable goods growth is at 4.3% versus 36.3% (YoY). October IIP data has been revised to 11.3% versus 10.8%, it adds.

NIFTY 3-Month