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Market Report

Thursday, 11-Aug-2011

NSE

  • The markets traded rangebound in today's session and both benchmark indices closed with moderate losses. Banking and realty were the worst performers of today's trade and FMCG was the only sector that managed to close in the green. Consumer durables and IT also looked shaky but capital goods showed some stability. The Sensex closed at 17059, down 71 points from its previous close, and the Nifty shut shop at 5138, down 23 points.

  • The top Nifty gainers today were HDFC, Reliance Infra, Reliance Capital and Kotak Mahindra Bank while the biggest losers included Tata Power, Axis Bank, Maruti Suzuki and Bharti Airtel.

  • The markets have not seen a significant low yet and is heading towards 4700-4800, says Jai Bala of Cashthechaos.com on CNBC TV18. I will be watching a substantial rally to come through, when the market hits 4800 to 4700 and based on the internal structure of the market and how the market breath proceeds from that point, we will have to evaluate if these levels will hold, he adds. We are in a global bear market, it's a rehash of 2008 and it's distinctly possible that we could go much deeper than people are anticipating, he says.

  • The fall is likely to be halted temporarily and we could go up to 5250-5300, says Ashwani Gujral, technical analyst, on ET Now. The Nifty now has support at 5123 and 5086 and resistance at 5197 and 5234, he adds. The key level is 5160 and the market has to stay above this for the positive trend to continue, he says.

  • Inflation: Primary articles inflation for week ended July 30 has come in at 12.22% versus 10.99%, food articles is inflation at 9.99% versus 8.04% (WoW) while fuel group inflation is at 12.19% versus 12.12% (WoW), reports NDTV Profit.

NIFTY 3-Month