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Market Report

Monday, 28-Feb-2011

NSE

  • It was a volatile day for the Indian market on this very important day when the much-awaited Union Budget was presented in Parliament. Initial reactions had the market rallying up to more than 500 points on the Sensex but towards close, it shed most of its earlier points and settled down to end with modest gains. Banks and cements had a particularly disappointing day in trade today. Sensex shut shop at 17823, up 122 points and Nifty at 5333, up 29 points from the previous close.

  • I don't think the market would go lower in this Budget, says Ramesh Damani, member BSE, on CNBC TV18. Allowing the FII investment into the mutual fund was a dramatic move and this will lead to a lot more integration of the markets and a lot more money will come in, he adds.

  • The market has to sustain above the levels of 5177 and 5232 for the upmove to continue in March, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. In the short term, the market is likely to remain in a range of 5150 and 5600, he adds.

  • There is good support for the Nifty at 5175 and if this is breached for the downside then we could see the market heading down to 4800, says Prakash Gaba, technical analyst, on CNBC Awaaz. The trend of the market is still down, he adds.

  • The Budget is not a direction setter for the markets, says Madhu Kela of Reliance Capital on CNBC TV18. Subsidy numbers look low, he adds.

NIFTY 3-Month