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Market Report

Wednesday, 29-June-2011


  • A day ahead of F&O expiry, the Indian market traded strong and extended gains of the previous sessions to end higher on the back of positive global cues. The Nifty managed to cross and then close at 5600. Metals, FMCG and banks were the leaders of the rally today and the sugar sector, too, saw broad gains. Sensex shut shop at 18693, up 201 points and Nifty at 5600, up 55 points from the previous close.

  • Top Nifty gainers today were IDFC, HUL and Sterlite Industries while losers included ONGC, Reliance Power and Jaiprakash Associates.

  • We retain our negative view on the markets, but think that a relief rally is round the corner as markets seem to have overextended the downside, says Rakesh Arora of Macquarie on CNBC TV18. He believes that lower oil prices might act as a catalyst and investors might see false hope of inflation coming off. However, we recommend using this opportunity to exit and get more defensive, he advises.

  • While India is still not conspicuously cheap, we see the potential for strong returns in H2, given strong earnings multiples, easing inflation and sentiment changing post-government action, says Aditya Narain of Citigroup on CNBC TV18. We target a Sensex level of 21500 by December, he adds.

  • The momentum of the market is strong and we should be able to go past the stiff resistance level of 5600, says Somil Mehta of Sharekhan on NDTV Profit. We should see a good rally going forward and the short-to-medium term is looking positive with banks, metals and RIL participating, he adds.

NIFTY 3-Month