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Market Report

Monday, 23-May-2011


  • The markets fell sharply today following weak global cues, and barring consumer durables and FMCG, all sectoral indices closed in the red. Banking was the biggest drag on the markets. Capital goods also headed southward after poor results from Bharat Heavy Electricals.The Sensex closed at 17993, down 333 points from its previous close, and Nifty shut shop at 5387, down 100 points.

  • The top Nifty gainers today were GAIL, ITC, Ambuja Cements and Siemens and prime losers included BHEL, Sesa Goa, IDFC and Reliance Infra.

  • Mounting fears of high interest rates, crude prices and earnings disappointment by heavyweights continue to weigh on the market, says Nandan Chakraborty of Enam on CNBC TV18. Expectations of an overhaul of the Union Cabinet, decisive moves on weeding out corruption and kick-starting long pending reforms are ripe now, he adds and believes that any move by the Government to hike diesel and LPG prices would obviously enthuse the markets.

  • Participation in the market is subdued and for the market to go up in June, participation would be needed, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. Till then, we expect the market to stay in the range of 5400 and 5700, he adds.

  • The technical charts are looking very negative and most sectors, particularly banks and autos, are cracking, says Somil Mehta of Sharekhan on NDTV Profit. Overall, the market is looking weak and we could see the Nifty going down to levels of 5200 and 5000, he adds.

NIFTY 3-Month