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Market Report

Friday, 26-Aug-2011

NSE

  • Weak global cues took their toll on the markets and both benchmark indices closed with significant losses. The Sensex and Nifty closed below their psychologically important levels of 16,000 and 4800, respectively. All sectoral indices closed in the red with realty, oil & gas, metal and banking being the worst performers. ADAG stocks also came under heavy selling pressure. The Sensex closed at 15849, down 297 points from its previous close, and the Nifty shut shop at 4748, down 92 points.

  • The top Nifty gainers today were Hero Motocorp, Mahindra & Mahindra, Infosys and TCS while the biggest losers included Reliance Capital, RCom, JP Associates and Reliance Infra.

  • It was another week of selling pressure and both benchmark indices and all sectoral indices closed in the red. The Nifty touched its 18-month low level and both benchmark indices breached some important psychological levels. The Sensex lost 1.7% while the Nifty closed with 2% loss over the week. The CNX Midcap index lost 1.25% and the BSE Smallcap index was down 1.4% during the week.

  • Financial markets are looking for a big policy response from the Fed Chairman in his speech at Jackson Hole today, says Ethan Harris of BoA-ML on CNBC TV18. We think there is a high risk that markets will be disappointed, he adds. Moreover, the Fed may even have to defend its current stance, he says.

  • The market is looking oversold at the current levels, says Sanjeev Bhasin, investment advisor, on NDTV Profit. This month we could be on an uptrend though there could be days of sharp declines, he adds.

  • The first half of the new series could be weak but we could see recovery in the second half, says Ashwani Gujral, technical analyst, on ET Now.

  • There was support for the Nifty at 4800 but as that is breached we could go down to 4500, says Ramesh Arora, technical analyst, on Zee Business.

NIFTY 3-Month