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Market Report

Monday, 11-Apr-2011

NSE

  • The markets lost about 1% during the day and realty and auto were the worst hit among all sectors. Poor February IIP data was the prime reason for the decline and high crude prices also had its impact on the indices. The Sensex closed at 19263, down 189 points from its previous close, and Nifty shut shop at 5786, down 56 points.

  • The top Nifty gainers today were Sun Pharma, Sesa Goa, HCL Tech and ITC and prime losers included Siemens, IDFC, DLF and Jindal Steel.

  • If the market holds the level of 5720 then this would be a sign of strength and then we would have a better chance to go past 5950, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. If 5720 is breached on the downside then we could test 5575 but a bounce from here would just be a technical one and not a sign of upward trend, he adds.

  • We were in an extremely overbought zone and a pause was expected which we saw last week, says Anu Jain, technical analyst, on NDTV Profit. An important level on the Nifty was 5800 and if this had held then we could have gone to 5977 but as this is breached then we could move down to the next support at 5700-5600, she adds.

  • IIP Data: February IIP number has come in at 3.6% versus 3.7% (MoM), reports CNBC TV18. April-February IIP data is at 7.8% versus 10% (YoY). Manufacturing sector growth has come in at 3.5% versus 16.1% (YoY), mining sector growth at 0.6% versus 11% (YoY), consumer durable goods growth at 23.4% versus 29.1% (YoY), electricity growth at 6.7% versus 7.3% (YoY), capital goods growth at -18.4% versus 46.7% (YoY) while basic goods growth has come in at 5.9% versus 8.5% (YoY), it adds.

NIFTY 3-Month