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Market Report

Thursday, 10-Mar-2011

NSE

  • High crude prices took its toll on the markets and along with the Asian and European peers, Indian markets also buckled. Primarily selling pressure was seen in metal and banking stocks and realty was the only sector that noticed buyer's interest. The Sensex closed at 18327, down 141 points from its previous close, and Nifty shut shop at 5494, down 36 points.

  • Rising crude prices and inflation will remain a point of concern for the market, says Vivek Mahajan of Aditya Birla Money on NDTV Profit. In the near term, the market is likely to remain in a range with resistance at 5650-5700 and support at 5400 with strong support at 5250, he adds.

  • We are not too pessimist on the market but one must exercise caution because of volatility, says Rakesh Gandhi of LKP Shares on NDTV Profit. In the short term 5400 could be a trend changer, and till then it will trade in a range of 5600 on the upside and 5225 on the downside, he adds. He sees the market eventually crossing 5600 and going up to 5800-5900 in the next 1-2 months.

  • Trade data: February trade deficit has come in at $8.1 billion, exports for the month is up 49.8% at $23.6 billion (YoY) while imports is down 21.2% at $31.7 billion (YoY), reports CNBC TV18.

  • Inflation: Primary articles inflation for week ended February 26 has come in at 13.96% versus 14.85% (WoW), food articles inflation is at 9.52% versus 10.39% (WoW) while fuel group is at 9.48% versus 12.56% (WoW), reports NDTV Profit.

NIFTY 3-Month