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Market Report

Thursday, 02-June-2011


  • Weak global cues had the Indian market under some pressure too with banks, realty and autos coming in for profit taking though some support was provided by FMCG and pharma. ADAG stocks particularly looked under pressure on news that the CBI Trial Court is going to pass an order on the plea to probe Anil Ambani at 4pm. Sensex shut shop at 18494, down 114 points and Nifty at 5550, down 41 points from the previous close.

  • Top Nifty gainers today included HUL, SAIL and Bajaj Auto while losers included Reliance Infrastructure, RCom and Sesa Goa.

  • We see inexpensive valuations and reasonable earnings visibility as positives in an otherwise gloomy near-term macro outlook due to high crude prices and inflation, says Sanjeev Prasad of Kotak Institutional Equities on CNBC TV18. He thinks that a potential decline in crude prices and improved governance may shore up sentiment. We expect about 8% returns by year-end with a Sensex target of 20000, he adds.

  • Inflation numbers for the week ending May 21 are out and primary articles inflation during the week was 10.87% versus 11.6% (WoW), reports CNBC TV 18. Food article inflation during the week was 8.06% versus 8.55% (WoW) and fuel group inflation was 12.54 versus 12.21% (WoW), the report adds.

NIFTY 3-Month