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Market Report

Tuesday, 28-June-2011


  • The markets closed with moderate gains today and barring realty and oil & gas, all major sectors closed in the green. Though healthcare, capital goods and consumer durables remained the top performers of today's trade, auto and banking also closed with significant gains. The Sensex closed at 18492, up 80 points from its previous close, and the Nifty shut shop at 5545, up 19 points.

  • The top Nifty gainers today were Hindalco, Bajaj Auto, Dr Reddy's and HDFC and the biggest losers included GAIL, DLF, ACC and BPCL.

  • We are turning positive on India as macro headwinds like inflation are beginning to subside, says Prabhat Awasthi of Nomura on CNBC TV18. While growth has been a casualty of increasing rates and policy procrastination, we are encouraged by slower growth as it eases pressures on the supply-side, he adds. We are incremental buyers of risk and making our stance less defensive, he says.

  • We continue to be bearish on the market and believe the Nifty could go down to 4400, says Sandeep Bharadwaj of Tower Capital & Securities on NDTV Profit. Things are not looking good for the economy and earnings have not been good, he adds.

  • The Nifty has strong support at 5500-5470 and resistance at 5565-5570, says Nikita Surekha, technical analyst, on Zee Business. If we are not able to go above 5565-5570 then book profits and even create short positions at these levels, she adds.

  • The market is trading volatile and sideways and we are in a range of 5200 and 5600, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. The medium-term outlook is bearish and we are in an overbought situation and minor correction is likely, he adds. One could play the range and buy at 5200 and sell at 5600, he says.

NIFTY 3-Month