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Market Report

Friday, 16-Sept-2011

NSE

  • The markets closed with moderate gains today and even the interest rate hike by the RBI couldn't dampen sentiments completely. Realty and consumer durables outperformed all other sectors and auto, banking, capital goods and oil & gas also provided support to the indices. FMCG and IT faced some selling pressure and were the only two sectors that closed negative in today's trade. The Sensex closed at 16934, up 57 points from its previous close, and the Nifty shut shop at 5084, up 9 points.

  • The top Nifty gainers today were Tata Motors, ONGC, NTPC and Sterlite Industries while the biggest losers included Ambuja Cements, HCL Tech, RCom and Wipro.

  • The markets performed well during the week but the upward movement was confined to largecap counters and midcap and smallcap stocks lost significantly. The Sensex was up 0.2% while the Nifty gained 0.3% during the week. The CNX Midcap index was down 1%, the BSE Smallcap lost 1.2% and the Bank Nifty closed with 0.4% gain.

  • RBI Credit Policy: Repo Rate has been hiked by 25 bps to 8.25% while Reverse Repo Rate stands adjusted at 7.25%, reports CNBC TV18. Inflation is high, generalised and much above comfort zone and cannot dismiss food inflation as temporary phenomenon, says the RBI. To persist with current anti-inflationary stance, it adds, says the channel.

  • We are now closer to the bottom but will continue to trade in a range of 4900 and 5200, says Ambareesh Baliga of Way2Wealth on NDTV Profit.

  • We did not expect the RBI credit policy today to have a negative impact on the market, says Prakash Gaba, technical analyst, on Zee Business. There is support for the Nifty at 5050-5000 and resistance at 5150, he adds.

  • Index heavyweights have started to participate in the rally in the market now, says Mitesh Thacker, technical analyst, on ET Now. We could now see the Nifty heading to 5170-5180 and then attempt to test 5200-5250, he adds.

NIFTY 3-Month