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Market Report

Thursday, 16-June-2011

NSE

  • The markets today were adversely affected by weak global cues with both benchmark indices closing lower than the psychological 18000 and 5400 marks, respectively. IT, capital goods, metal and oil & gas were the biggest losers while some counters from the financial sector were also beaten down. ADAG stocks showed some upward movement along with defensive counters like HUL and some pharma stocks. The Sensex closed at 17986, down 146 points from its previous close, and Nifty shut shop at 5397, down 51 points.

  • The top Nifty gainers today were Reliance Infra, BPCL, Reliance Capital and SBI while biggest losers included Ambuja Cements, IDFC, ACC and TCS.

  • The trend of the market is down and all rallies appear to be done with, says Sudarshan Sukhani, technical analyst, on ET Now. Today, we expected the Nifty to stay below 5450, he adds. Therefore, the push should be to sell on all rallies, he advises.

  • We believe that the Indian markets are factoring in high inflation, rising crude prices, poor fiscal position and negative earnings momentum and have limited downside from here, says Suresh Mahadevan of UBS on CNBC TV18. He believes that focusing on bottom-up stock ideas is the key to generating superior returns.

  • Credit Policy: RBI has hiked policy rates by 25 basis points, reports CNBC TV18. Repo rate has been hiked by 25 bps to 7.50% and Reverse Repo Rate has been hiked by 25 bps to 6.50%, it adds. Domestic growth outlook remains unchanged and there is no evidence of any sharp or broad-based slowdown, says the RBI. Inflation is way above the RBI comfort zone and the challenge to contain inflation persists, it adds, says the channel.

  • Inflation: Primary articles inflation for week ended June 4 has come in at 12.86% versus 11.52% (WoW), food inflation at 8.96% versus 9.01% (WoW) while fuel group inflation is at 12.84% versus 12.46% (WoW), reports NDTV Profit.

NIFTY 3-Month