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Market Report

Monday, 06-June-2011

NSE

  • After trading rangebound and with a negative bias in the morning session, the markets bounced back in the last one hour of trade and closed with moderate gains. Though the recovery was primarily led by the financial sector, pharma and textiles also contributed significantly. Auto and ADAG group stocks were beaten down in today's trade. The Sensex closed at 18420, up 44 points from its previous close, and the Nifty shut shop at 5532, up 15 points.

  • The top Nifty gainers today were Sun Pharma, HDFC Ltd, Kotak Mahindra Bank and HDFC Bank and biggest losers included JP Associates, Mahindra & Mahindra, BPCL and Hindalco.

  • The markets have just started reacting to news of a slowdown and this may continue as earnings forecast are trimmed, says Gary Evans of HSBC on CNBC TV18. We see this only as a correction and investors should look to buy back after the summer and we maintain our neutral view on India with year-end Sensex target of 20000, he adds.

  • The market bias is negative and it is looking for triggers, says Vijay Chopra of Fullerton Securities on Zee Business. The Nifty is likely to continue to move in a 300-400 point range with 5350 on the downside and 5700 on the upside, he adds.

  • We do not see the market breaking below 5350 in a hurry, says Hemant Thukral, technical analyst, on CNBC TV18. Even if the Bank Nifty remains sideways, the Nifty will remain strong and find support at 5350-5400 and spend more time in a 250-300 point range, he adds.

NIFTY 3-Month