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Market Report

Tuesday, 10-May-2011

NSE

  • It was a quiet day for the Indian market which moved within a range and looked subdued and uncertain ahead of the EGOM meet tomorrow. Banks and capital goods were weak in trade today and saw big cuts but realty and FMCG provided some support to the market and helped it close flat. Sensex shut shop at 18512, down 16 points and Nifty at 5541, down 9 points from the previous close.

  • Top Nifty gainers today were NTPC, HUL and Sterlite Industries while losers included Sun Pharma, Mahindra & Mahindra and Ambuja Cements.

  • The RBI credit policy change is likely to be swift once the crude prices decline, says Nandan Chakraborty of Enam on CNBC TV18. He prefers mid-size infra companies with low debt, and finds large private banks and infra companies attractive with a one-year horizon. He is cautious on metals and looks at pharma as a defensive bed against the higher oil prices.

  • We should end closer to 5650-5700 by the end of May with a little bit upward bias maybe if we get some good news on inflation, says PN Vijay, portfolio manager, on CNBC TV18. I don't see the market falling precipitously from here for more than a couple of percentage points at the most and there could be an upside going forward if we have a decent monsoon and some reduction in inflation, even a cosmetic effect, he adds.

  • We have a bearish view on the market due to inflation and high inflation is likely to impact EPS growth for corporates, says Saurabh Mukherjea of Ambit Capital on NDTV Profit. We could see a 10-15% downside in the market in the next few months, he adds.

  • The intermediate trend of the market is down, says Dhaval P Vyas, technical analyst, on Zee Business. He sees support at 5480 and resistance at 5600 and believes that for uptrend to resume Nifty needs to close above 5650. We could see a 2-3 day pullback and one could play for that, he adds.

NIFTY 3-Month