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Market Report

Friday, 04-Feb-2011

NSE

  • Selling pressure took its toll on the markets and forced both the benchmark indices to lose about 2.5% in a single trading session. Realty and FMCG led the rally of losers and other prime sectors like banking, IT, auto and metal were also lost substantially in this downward trend. The Sensex closed at 18008, down 441 points from its previous close, and Nifty shut shop at 5395, down 131 points.

  • The markets remained inconsistent this week and overall it was negative trend that had upper hand during the week. Both the benchmark indices and all sectoral indices closed in the red and the numbers are following: the Sensex was down 2.2% and Nifty was also down 2.2%. The CNX Midcap index was down 1.7% while BSE Smallcap index was down 2.7% over the week.

  • The Nifty has tagged the 5300-5500 support zone that we have been citing, but with no sign of bullish price momentum divergence, says Laurence Balanco of CLSA on CNBC TV18. Further losses look likely in the coming sessions, he adds.

  • Till the Budget, the market is likely to remain rangebound, with 5400 on the downside and 5600 on the upside, says P Phani Sekhar of Angel Broking on CNBC TV18. Inflation and the deteriorating fiscal situation are matters of concern, he adds.

  • The Nifty could go down to 5200-5100 on correction and investors should wait for further dips before buying autos and banks, says Ambareesh Baliga of Karvy Stock Broking on NDTV Profit. We are likely to see FII outflow of another $2.5-3 billion soon, he adds. He believes that FII could book profits once again if the Nifty hits 5600-5650.

NIFTY 3-Month