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Market Report

Thursday, 08-Sept-2011

NSE

  • The markets closed with about half-a-percent gains in today's trade and barring metal and FMCG, all sectors closed positive. Consumer durables, IT and oil & gas gained the most in today's session and some selective counters from banking also did well. The Sensex closed at 17165, up 100 points from its previous close, and the Nifty shut shop at 5153, up 29 points.

  • The top Nifty gainers today were Cairn, Ranbaxy, ICICI Bank and Cipla while the biggest losers included SAIL, Jindal Steel, Tata Steel and BHEL.

  • The ongoing rally in the market is likely to continue, says Kunal Saraogi, technical analyst, on Zee Business. If the Nifty is able to cross its resistance of 5170 then the next target would be 5230-5240, he adds. He sees important support at 5070.

  • The Nifty level of 4800-4700 remains a strong support for the time being though fears of breaking 4750 still exist, says Ambareesh Baliga of Way2Wealth on NDTV Profit. Going past 5200-5250 will be difficult though a no-rate hike by RBI could prove a positive surprise which could then take the market beyond 5200-5300, he adds.

  • Inflation: Primary articles inflation for week ended August 27 has come in at 13.34% versus 12.93% (WoW), food articles inflation is at 9.55% versus 10.05% (WoW) while fuel group inflation remains unchanged at 12.55% (WoW), reports NDTV Profit.

NIFTY 3-Month