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Market Report

Thursday, 18-Aug-2011

NSE

  • Negative global cues took their toll on the markets today and both benchmark indices closed with significant losses. The Nifty breached its psychologically important level of 5000 and traded at its lowest level of 52 weeks. IT and banking were the biggest losers of today's trade, though all sectoral indices closed negative. The Sensex closed at 16470, down 371 points from its previous close, and the Nifty shut shop at 4944, down 112 points.

  • The top Nifty gainers today were DLF, RCom, JP Associates and Hero Motocorp while the biggest losers included Reliance Infra, HCL Tech, Wipro and Reliance Capital.

  • We do not expect the market to be rallying too much and are not very optimistic on the market, says Vijay Bhambwani, technical analyst, on NDTV Profit. A rally of 300-400 points from 4950 is a fair pullback from the kind of decline we have seen, he adds. He believes we will soon see the level of 4800.

  • As of now, in absence of any adverse news, we should consolidate in the range of 5000-5200-5250, says Ambareesh Baliga of Way2Wealth on CNBC TV18. But, if the bad news expected from the euro zone comes before expiry then we could see levels of below 5000 and that is the time when one should start looking at the support of 4750-4800, he adds. He finds the market still attractive from a longer term perspective and thinks one should be gradually buying at these levels.

  • Inflation: Primary articles inflation for week ended August 6 has come in at 11.64% versus 12.22% (WoW), food articles inflation at 9.03% versus 9.90% (WoW) while fuel group inflation is at 13.13% versus 12.19% (WoW), reports NDTV Profit.

NIFTY 3-Month