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Market Report

Monday, 18-Apr-2011

NSE

  • Selling pressure in the afternoon took its toll on the markets and forced both the benchmark indices to lose about 1.5% in a single trading session. IT along with interest rate sensitive sectors like realty, banking and capital goods remained the worst performers and auto and a few FMCG counters were only a few stocks that performed a bit better. Selling pressure primarily came from hedge funds and FIIs. The Sensex closed at 19091, down 296 points from its previous close, and Nifty shut shop at 5729, down 95 points.

  • The top Nifty gainers today were HUL, Hero Honda, Bajaj Auto and ONGC and prime losers included DLF, HCL Tech, Sesa Goa and TCS.

  • Even if the IT sector underperforms, the market will not be too weak because other sectors have gained in strength in the rally from 5200 to 5900, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. He believes that we could retest levels of 5720 and 5650.

  • Volatility in the market may cool down before a decisive move is made, says Ashwani Gujral, technical analyst, on ET Now. He sees the market trading in a range of 5730 and 5950 and advises buying on dips and selling at upper levels.

  • In the near term, the market is likely to be rangebound with a downward bias, says Arvind Sanger of Geosphere Capital Management on CNBC TV18. He sees developed and emerging markets facing rising costs and slower growth this quarter and believes that first quarter earnings could be disappointing. Oil is to be an overhang on equity if it sustains $120 per barrel, he adds.

NIFTY 3-Month