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Market Report

Friday, 13-May-2011

NSE

  • Assembly election results had their positive impact on the markets and both benchmark indices made significant gains. FMCG, banking and metal were the best performers of today's trade, and there was buying in Kolkata based companies like Bata and ITC. Railway related stocks, too, gained on the expectations that there would be a new union railway minister. The Sensex closed at 18531, up 195 points from its previous close, and Nifty shut shop at 5545, up 59 points.

  • The top Nifty gainers today were Dr Reddy's, Axis Bank, JP Associates and ITC and prime losers included RCom, HDFC and Sun Pharma.

  • It was flat week for the markets, with selective buying across all sectors. There were sharp falls in interest rate sensitive sectors like banking and auto, with the exception of realty, which made significant gains. Both the Sensex and Nifty closed flat. The CNX midcap index gained 4% while the BSE midcap index closed with 0.6% gains over the week.

  • Within a day we should see a confirmation of one side or the other in the market, says Rohit Shrivastav of Sharekhan on NDTV Profit. The short-term momentum of the market is negative and could change the medium-to-long term perspective, he adds. He advises building shorts in commodities, autos and technology all the way up.

  • The trading band for the market, of 5350 and 5700, appears to be shifting on the downside, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. An important level is 5470 and if we start trading below this then we could fall to 5350, he adds.

NIFTY 3-Month