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Market Report

Tuesday, 26-July-2011

NSE

  • The RBI's credit policy had an adverse impact on the markets today and all rate-sensitive sectors closed with significant losses, bringing down both benchmark indices. Realty and capital goods lost more than 3% and banking and auto were also not far behind. The Sensex closed at 18518, down 353 points from its previous close, and the Nifty shut shop at 5575, down 105 points.

  • The top Nifty gainers today were Power Grid, TCS, HCL Tech and Siemens while the biggest losers included RCom, IDFC, BHEL and Mahindra & Mahindra.

  • The market is surprised with the 50 bps rate hike and is nervous about RBI's hawkish stance, says Nitin Rakesh of Motilal Oswal Asset Management on ET Now. US debt issue is weighing on the markets, he adds. He sees the Indian market consolidating at 5400-5700 levels.

  • We can expect some more volatility to come into the market, says Rajat Bose, technical analyst, on ET Now. There is major support for the Nifty at 5595-5550 and the key level to watch out for is 5532, he adds. If the market goes below 5532 then further fall will come in otherwise we could see some recovery, he says.

  • RBI Credit Policy: Inflation is to remain elevated for a few months and we will continue with anti-inflationary stance, says the RBI Governor, reports CNBC TV18. Inflation has been even higher than expected and it is to be determind by crude oil prices going forward, he adds. Subsidy burden may overshoot budgeted amount in FY12, he says, reports CNBC TV18.

NIFTY 3-Month