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Market Report

Wednesday, 20-Apr-2011

NSE

  • It was a spectacular day for the markets with both the benchmark indices making significant gains. Primarily, it was a late rally in the banking stocks that took the markets substantially up, but IT and metal performed better throughout the day. Other gainers included auto and consumer durables. The Sensex closed at 19471, up 349 points from its previous close, and Nifty shut shop at 5851, up 111 points.

  • The top Nifty gainers today were HCL Tech, Hindalco, M & M and TCS and prime loser was Reliance Communications.

  • We do not expect the market to go down significantly and if earnings growth is positive then the Nifty should stabilise at 5400-5500, says Lalit Thakkar of Angel Broking on ET Now. He believes we could see a correction if oil prices go up or inflation rises and expects banks to be forerunner in the rally.

  • The market is likely to trade in a range of 5700 and 6000 and will stay volatile in May and June, says Andrew Holland of Ambit Capital on ET Now. He is bearish on commodity but expects auto sector earnings to improve going forward. He believe fund flows will return to EMAs.

  • The market is trading in a range of 5700 and 5950, says Amit Gupta of ICICI Securities on CNBC TV18. There is important support at 5680-5700 and this looks unlikely to be breached unless there is something negative in the earnings tomorrow, he adds. He sees stiff resistance at 5900-6000. There is buying opportunity in the market, he says.

NIFTY 3-Month