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Market Report

Friday, 24-June-2011

NSE

  • It was a spectacular day for the markets with both benchmark indices gaining more than 2.5%. Barring consumer durables, all sectors made handsome gains. Banking, auto, capital goods, IT, metal and realty gained more than 3% in today's session. The interesting aspect of today's rally was that Reliance Industries didn't participate in it and closed in the red. The Sensex closed at 18241, up 513 points from its previous close, and the Nifty shut shop at 5471, up 151 points.

  • The top Nifty gainers today were Sesa Goa, SBI, Hero Honda and Ranbaxy and the biggest losers included Reliance Infra and RIL.

  • After being rangebound for the most part of the week, the markets made handsome gains on the last trading day and closed significantly in the green. The sectoral picture also looked good and barring realty, all sectors closed positive. The numbers are following: the Sensex gained 2% and the Nifty was up 1.94%. The CNX Midcap index lost 1.6% while the bank index gained 2.4% over the week.

  • While domestic macro challenges have been the primary driver for India's underperformance, the rising risk from global headwinds will also weigh on equity valuations, says N Krishnan of CLSA on CNBC TV18. We have built in 50bps higher cost of equity, implying a Sensex target of 19500 by FY12-end, he adds.

  • The Nifty is trading with a negative bias and we see the market at 4750 in July, says Sarvendra Srivastav of Emkay Global on NDTV Profit.

  • This is the time to go and buy quality stocks, says Mehraboon Irani of Nirmal Bang Securities on NDTV Profit. We are seeing a fall of another 5-8% in the next 2-3 months and our advice is to buy strong stocks with good fundamentals and avoid the power and realty sectors, he adds.

NIFTY 3-Month