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Market Report

Monday, 12-Sept-2011

NSE

  • Disappointing IIP data and negative global cues took their toll on the markets and both benchmark indices closed with substantial losses. All sectoral indices closed negative with IT, metal, banking, realty and consumer durables the worst among them. Other sectors that closed deeply in the red include auto, capital goods and oil & gas. FMCG was the only sector that closed with moderate losses. The Sensex closed at 16502, down 365 points from its previous close, and the Nifty shut shop at 4947, down 113 points.

  • The top Nifty gainers today were Ambuja Cements, HUL, Sun Pharma and ACC while the biggest losers included HCL Tech, Reliance Power, Hindalco and Reliance Infra.

  • Technically, markets are still in a clear downtrend, however, it will not be a straight line down, says Laurence Balanco of CLSA on CNBC TV18. There should be a strong and sustainable bounce off September lows which should last for 4-8 weeks, he adds. He believes global equities are in early stage of a new cyclical bear market.

  • The market will resume its downtrend now and there will more volatility and fall, says Mitesh Thacker, technical analyst, on ET Now. Some support will be provided by 4950-4930 but if this is breached then we could test 4700, he adds.

  • The thrust of the market is downwards and in the next 4-5 days we are likely to see further fall, says Ashwani Gujral, technical analyst, on ET Now.

  • July IIP: The July IIP data has come in at 3.3% versus 8.8% in June, reports NDTV Profit. Capital goods growth has come in at -15.2% versus 40.7% (YoY), mining sector growth is at 2.8% versus 8.7%(YoY), basic goods growth at 10.1% versus 4.4% (YoY), electricity sector growth at 13.1% versus 3.7% (Y0Y), consumer goods growth at 6.2% versus 5.8% (YoY) while manufactured goods growth has come in at 2.3% versus 10.8% (YoY), reports CNBC TV18.

NIFTY 3-Month