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Market Report

Monday, 20-June-2011


  • The markets fell sharply today with both benchmark indices losing about 2% in a single trading session. They were dragged down across all sectors mainly due to reports of the re-negotiation of the Mauritius tax treaty. Realty was the worst hit and was closely followed by oil & gas, IT, metal and auto. ADAG stocks also fell significantly and were among the top losers of the Nifty. The Sensex closed at 17507, down 364 points from its previous close, and the Nifty shut shop at 5258, down 108 points.

  • The top Nifty gainers today were Bharti Airtel, Axis Bank, Hero Honda and PNB while biggest losers included RCom, Reliance Infra, Reliance Capital and Grasim.

  • We believe the market could slide further and things could get worse in the next two weeks and the Nifty could go down to 5200 in the short term, says Avinash Gorakshakar of Edelweiss Advisors on NDTV Profit. The market is expecting a 50 bps by the RBI, he adds.

  • CBDT has clarified that Mauritius expressed willingness for talks on tax treaty three months back and that India is yet to start talks with Mauritius on it, reports NDTV Profit. India is yet to decide issues to be discussed in the talks, it adds, says the channel.

  • There is a general sense of weakness in the market and it appears to be preparing for more selling activities, says Mitesh Thacker, technical analyst, on ET Now. First support for the Nifty is seen at 5200 below which the market could go to 5150 and further down, he adds.

NIFTY 3-Month