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Market Report

Tuesday, 14-June-2011

NSE

  • The markets closed with moderate gains after trading rangebound throughout the day. The indices gained a bit more in the morning session but after the announcement of inflation numbers, the gains fizzled out, though the Nifty succeeded in closing above its psychological 5500 mark. Consumer durables, oil & gas and auto didn't do well today and closed negative. All other sectors closed in the green, banking, capital goods and FMCG being the best performers. The Sensex closed at 18309, up 43 points from its previous close, and Nifty shut shop at 5500, up 18 points.

  • The top Nifty gainers today were Reliance Infra, Axis Bank, Bajaj Auto and Jindal Steel while the biggest losers included Tata Motors, IDFC, Hindalco and Cipla.

  • The bias for tomorrow is mildly bullish because we could see an upward move of 100 points since we are at the lower end of the trading range of 5450 on the downside and 5600 on the upside, says Sudarshan Sukhani, technical analyst, on ET Now. In the short term, the market will try to cross 5600, he adds.

  • The market is not going anywhere in a hurry and is trading sideways in the short-to-medium term, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. Be stock specific instead of focussing on the Nifty and pick and choose, he adds. He believes that it is a tough environment for traders and believes that if the major support of 5328.70 is taken out then the decline will be very strong.

  • Inflation data for May has come in at 9.06% versus 8.66% (MoM), reports NDTV Profit. May primary articles inflation is at 11.3% versus 12.05% (MoM), manufactured articles inflation is at 7.27% versus 6.18% (MoM) while fuel group inflation is at 12.32% versus 13.32% (MoM), it adds. March WPI inflation has been revised to 9.68% from 9.02% (provisional), reports CNBC TV18.

  • The market is expecting a 25 bps policy rate hike by the RBI, says Vikas Khemani of Edelweiss Securities on ET Now. He is bullish on construction stocks but believes that the risk reward is not very attractive for niche consumption stocks.

NIFTY 3-Month