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Market Report

Friday, 08-Apr-2011

NSE

  • The markets registered sharp decline today after a good run-up in the past few weeks. Interest sensitive sectors like realty and auto were particularly out of favour today and giving them company was oil & gas that finally took a beating after being resilient for a few days in the past. Midcap and smallcap stocks also lost substantially today to make the market breadth close negative. The Sensex closed at 19451, down 139 points from its previous close, and Nifty shut shop at 5842, down 44 points.

  • After a good run-up in the past few weeks, the growth trajectory finally slowed down and both the benchmark indices closed with moderate gains during this week. Realty again topped the gainer's pack and smallcap stocks outperformed midcap and largecap stocks. The numbers are following: the Sensex was up 0.3% and Nifty was up 0.2%. The CNX Midcap index was up 2% while BSE Smallcap index was up 5% over the week.

  • The top Nifty gainers today were ITC, Bharti Airtel, Cairn and L & T and prime losers included JP Associates, DLF, Reliance Capital and Reliance Power.

  • The Nifty level of 5900 is a crucial one and if the market goes above this then the medium-term outlook will be positive, says Somil Mehta of Sharekhan on NDTV Profit. We are now heading for a small correction which could take the market down to 5700, he adds.

  • If the market goes above 5940-5950 then we could see a fresh upmove otherwise we could retrace to 5720, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. There is a cluster of support between 5700 and 5500 and if the Nifty trades within this range then one should look to buy, he adds.

NIFTY 3-Month