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Market Report

Friday, 05-Aug-2011

NSE

  • Weak closing of American markets and fear of impending recession took their toll on the markets today and both benchmark indices closed with significant losses. All sectoral indices closed negative in today's session, with IT being the worst performer. Other prominent losers included realty, consumer durables and metal. The Sensex closed at 17306, down 387 points from its previous close, and the Nifty shut shop at 5211, down 120 points.

  • The top Nifty gainers today were BPCL, Hindalco, ONGC and IDFC while the biggest losers included Reliance Infra, Cairn, RCom and Sterlite Industries.

  • The markets closed with significant losses this week and along with all sectoral indices, both benchmark indices closed negative. The Sensex was down 5% and the Nifty lost 4.8% during the week. The BSE Smallcap index closed with 5.9% loss while BSE Capital Goods lost 5.5% over the week.

  • My view of a sharp correction still holds and I see the market moving to 4000, says Sudarshan Sukhani, technical analyst, on ET Now. Every rally we see will only be a relief one in the journey towards the target of 4000, he adds.

  • The next couple of weeks are looking uncertain and those with long positions should exit them and be on the sidelines, says Sharmila Joshi of Fairwealth Securities on NDTV Profit. She believes that in the US it is more of a crisis of confidence.

  • The trading range of the market of 5200 to 5800 has now extended to 4700 on the downside, says Ashwani Gujral, technical analyst, on ET Now.

  • Investors do not need to panic and all risk management systems are in place, says UK Sinha, SEBI chairman, reports NDTV Profit.

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