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Market Report

Thursday, 24-Feb-2011

NSE

  • Selling pressure took its toll on the markets and both the benchmark indices fell steeply. Negative sentiments prevailed across all sectors and banking was the worst among them. Other prime losers include auto, realty and capital goods. The Sensex closed at 17632, down 545 points from its previous close, and Nifty shut shop at 5262, down 174 points.

  • The recent turmoil in Arab world is not expected to last long and soon oil price would stabilize at around $ 90 per barrel, says Narendra Taneja, oil expert, on CNBC Awaaz. If the unrest stretches to Iran and Saudi Arabia, then there would be some reason to panic, he adds.

  • Inflation numbers for the week ended on February 12th are out and primary article inflation is at 15.77% versus 14.59% (week on week), fuel group inflation stands at 12.14% versus 11.92% (wow) and food article inflation is at 11.49% versus 11.05% (wow).

  • We expect the market to stay in a range for the March series, with 5200 on the downside and 5600 on the upside, says Hemant Thukral, technical analyst, on CNBC TV18. Even if the Budget is negative, we do not see the market going below 5170, he adds.

NIFTY 3-Month