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Market Report

Wednesday, 27-July-2011

NSE

  • The markets remained rangebound today and barring consumer durables and IT, all sectoral indices closed negative. Interest rate sensitive sectors like banking, auto and realty were beaten down for the second consecutive day and were among the top losers in today's session. The Sensex closed at 18432, down 86 points from its previous close, and the Nifty shut shop at 5547, down 28 points.

  • The top Nifty gainers today were Maruti Suzuki, Sesa Goa, DLF and RCom while the biggest losers included BHEL, PNB, Hindalco and JP Associates.

  • There is crucial support for the Nifty at 5400 and we do not expect the market to go below this level, says Somil Mehta of Sharekhan on NDTV Profit. His view in the medium term is bullish and he advises buying on declines into sectors like realty, sugar and largecap banking.

  • The market has support at 5540 and below this we could see a decline of 150-200 points to the level of 5350, says Kunal Saraogi, technical analyst, on Zee Business. Above 5540, we could see a pullback to 5630 where resistance will come in, he adds. We could see a turnaround because this is F&O expiry, he says.

  • Yesterday's action in equity and bond markets following RBI's hawkish stance suggests that the market is likely to be extra sensitive to inflation readings in the coming months, says Prabhat Awasthi of Nomura on CNBC TV18. The potential worst-case downside scenario could be 8-10% and we would start buying aggressively at levels 5% down from here, he adds. Overall, we maintain our positive 12-month bias on the market and would be buyers on dips, he says.

NIFTY 3-Month