IntradayTrade dot Net
Market Report

Friday, 22-July-2011

NSE

  • The markets closed with robust gains today on account of positive global cues and the Nifty crossed its psychologically important level of 5600. Barring consumer durables, all sectoral indices closed in the green and banking remained the best among them. Other good performers were auto, capital goods, IT and oil & gas. The Sensex closed at 18722, up 286 points from its previous close, and the Nifty shut shop at 5634, up 92 points.

  • The top Nifty gainers today were Axis Bank, Bharti Airtel, RCom and Mahindra & Mahindra and the biggest losers included Jindal Steel and ITC.

  • Initial signals indicate strong revenue, earnings growth and margin compression this quarter, says Ridham Desai of Morgan Stanley on CNBC TV18. Excluding the energy companies, the aggregate revenue and earnings are up 22% and 20% and this is in-line with our expectations, he adds.

  • The environment for the market now is choppy, says Sudarshan Sukhani, technical analyst, on ET Now. We are back in a trading range which is from 5550 to 5700 and need to cross 5700 decisively to go to 6000, he adds. He sees resistance at 5640-5650.

  • Weekly Roundup: The markets made moderate gains this week and the Nifty crossed its psychologically important level of 5600. The Sensex gained 0.8% while the Nifty closed with 0.9% gains during the week. The CNX IT Index gained 1.2%, the BSE Metal was up 1% while the BSE OilGas closed with 0.6% gains.

NIFTY 3-Month