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Market Report

Monday, 08-Aug-2011

NSE

  • Fear of recession in America created a situation of panic selling and Indian markets opened with significant losses. After European markets opened positive, both benchmark indices made a recovery. However, they could not maintain those levels and closed with a loss of more than 1.8%. IT and realty were the biggest losers in today's trade, though all sectoral indices closed negative. The Sensex closed at 16990, down 316 points from its previous close, and the Nifty shut shop at 5118, down 93 points.

  • The top Nifty gainers today were Ambuja Cements, ACC, Bajaj Auto and Dr Reddy's Lab while the biggest losers included DLF, Cairn, GAIL and Cipla.

  • The market is in oversold position and after 1-2 days we could see a bounceback before we go down to 4800, says Anu Jain, technical analyst, on CNBC TV18.

  • The panic in the market could be short-lived and we may see cuts but the market is unlikely to sustain at lower levels for long, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. We should see a bounceback, he adds.

  • FIIs are frustrated, angry and feel short-changed by the Indian system, says Samir Arora of Helios Capital on ET Now. Indian markets will be volatile over the next few days and stocks may fall 5-7% in the near term, he adds. He advises investors not to jump into the markets over the next 7-15 days and believes that rating cut is unlikely to affect Indian stocks beyond a few days.

  • There is no reason for investors to panic and we recommend investors to buy at every decline and not sell, says Nilesh Shah of Axis Bank on ET Now. Expect more capital flows to come into Indian markets, he adds. He believes that there is sufficient liquidity in the banking system.

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