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Market Report

Monday, 16-May-2011

NSE

  • It was weak closing for the markets today, the biggest losers being interest rate sensitive sectors like banking and realty. Metal also took a severe beating. There was some upward movement in healthcare and consumer durables, and they were the only two sectors to close positive. The Sensex closed at 18345, down 186 points from its previous close, and Nifty shut shop at 5499, down 46 points.

  • The top Nifty gainers today were Ranbaxy, Hero Honda, Sun Pharma and Ambuja Cements and prime losers included JP Associates, Siemens, DLF, Bajaj Auto.

  • There is resistance for the Nifty at 5610-5620 for now and the market looks unlikely to go above 5620, says Sudarshan Sukhani, technical analyst, on ET Now. At the current levels, there is not much opportunity to take a trading call, he adds. He sees the Nifty trading in a range of 5350-5400 and believes banks, metals and IT will lead the decline.

  • An important level for the Nifty now is 5500-5450 and if this is taken out then we could see a serious fall, says Ashish Chaturmotha of IIFL Wealth on NDTV Profit. Upside for the market is capped at 5650-5700, he adds.

  • Inflation: April food price inflation has come in at 8.71% versus 9.47% (MoM) while the February inflation has been revised to 9.54% from 8.31%, reports NDTV Profit. WPI inflation for the month of April has come in at 8.66% versus 8.98% (MoM), reports the channel. Primary articles inflation has come in at 12.05% versus 12.96% (MoM), fuel group inflation is at 13.32% versus 12.92% (MoM) while manufactured products inflation is at 6.18% versus 6.21% (MoM), adds the channel.

  • April inflation has come down in manufacturing and food items and we see inflation moderating further, says Finance Minister Pranab Muherjee, reports NDTV Profit. On petrol price hike, the Finance Minister said it were the companies that had hiked prices because the product has been deregulated, reports the channel.

NIFTY 3-Month