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Market Report

Friday, 10-June-2011

NSE

  • The markets lost significantly after the release of disappointing IIP data but recovered in the last one hour of trade to close with moderate losses. Interest rate sensitive sectors like banking and realty were the worst performers in today's trade, consumer durables being the only sector to close in the green. The Sensex closed at 18268, down 116 points from its previous close, and Nifty shut shop at 5486, down 35 points.

  • The top Nifty gainers today were Hindalco, Cairn, ONGC and Ranbaxy and the biggest losers included Grasim, DLF, Reliance Capital and L & T.

  • Owing to weak global cues, the markets didn't make any clear headway during the week and remained rangebound. Both benchmark indices and most of the sectoral indices closed in the red and the numbers are following: the Nifty and Sensex lost 0.6% while the CNX Midcap index was down 0.01%.

  • The market is likely to trade weak and there is stiff resistance at 5600, says Rohit Shrivastav of Sharekhan on NDTV Profit. Immediate support is at 5480 and if this is taken out then we could head lower to 5100, he adds. He would advise buying only above 5600.

  • Till the market does not go above 5605 there is no point in taking aggressive long positions, says Atul Badkar of Edelweiss Securities on CNBC TV18. The market is likely to remain flat and we do not expect any major move, he adds.

  • The market is moving within a narrow band with support for the Nifty at 5502 and 5483 and resistance at 5540 and 5559, says Ashwani Gujral, technical analyst, on ET Now. Once global volatility is done with, we could then see a move on either side, he adds.

  • April IIP has come in at 6.3% versus 8.8% under the new series (MoM) while it is 4.4% versus 7.3% under the old series (MoM), reports NDTV Profit. April manufacturing sector growth has come in at 6.9% versus 14.4%, capital goods growth at 14.5% versus 35.5%, mining sector growth at 2.2% versus 9.2%, basic goods growth at 7.3% versus 6.7% and electricity growth at 6.4% versus 6.5% , all on YOY basis and under the new series, reports CNBC TV18.

NIFTY 3-Month