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Market Report

Monday, 27-June-2011

NSE

  • The markets closed with strong gains today with banking, auto and oil & gas being the top performers. The interesting aspect of today's trade was that the increase in diesel prices didn't have any impact on auto sector. Consumer durables, FMCG and realty were the only three sectors that closed negative. Other gainers of today's session include capital goods, healthcare and metal. The Sensex closed at 18412, up 172 points from its previous close, and the Nifty shut shop at 5527, up 55 points.

  • The top Nifty gainers today were Power Grid, BPCL, ONGC and Reliance Capital and the biggest losers included Reliance Infra, Grasim, DLF and Ambuja Cements.

  • The impact of the fuel price hike on inflation will be around 1 ppt, but the price hike is necessary for checking oil subsidy bill and making monetary tightening more effective, says Rajeev Malik of CLSA on CNBC TV18. We maintain our expectation of a 25 bps hike in repo rate in RBI's July 26 policy, he adds.

  • We could see the market go down to 5455 and 5410 but there is a bigger possibility that the Nifty could test 5630-5650 in a few days or weeks, says Deven Choksey of KR Choksey on NDTV Profit. The next four to six weeks will remain positive for the Indian market because of an increase in participation and also good global and domestic factors, he adds.

  • The level of 5300 could be an important support for the market, says Saumil Trivedi, market analyst,on NDTV Profit. The market is likely to remain choppy and we will trade in the range of 5300 and 5600, he adds. But my sense is that we are moving towards 5900 because all major stocks which have been showing strength are still holding up, he says.

NIFTY 3-Month