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Market Report

Tuesday, 03-May-2011


  • The markets tumbled under heavy selling pressure and negativity prevailed across all sectors. Banking, auto and realty got a severe beating because of interest rate increase by RBI. Infrastructure companies too came under heavy selling pressure and oil & gas showed a similar trend. The Sensex closed at 18535, down 463 points from its previous close, and Nifty shut shop at 5565, down 136 points.

  • The top Nifty gainer today was BHEL and prime losers included JP Associates, PNB, Bajaj Auto and Tata Motors.

  • We are in a downtrend and the Nifty has been breaking 5700 repeatedly and indicating that we are in a bear market, says Sudarshan Sukhani, technical analyst, on ET Now. This downtrend started from November 3 after the Nifty hit 6335, he adds. His long-term view of the market is bearish and he expects the negativity to continue.

  • For the market to do well, banks and IT has to outperform, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. The market has rejected the range of 5700 and 5900 and will now sink down to form a new range between 5500 and 5700, he adds. He advises being stock specific and going short on rallies.

  • RBI Credit Policy: RBI hikes Repo Rate and Reverse Repo Rate by 50 bps each, reports CNBC TV18. Repo Rate has been hiked by 50 bps to 7.25% and Reverse Repo Rate hiked by 50 bps to 6.25% while CRR has been kept unchanged at 6%, it adds.

NIFTY 3-Month