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Market Report

Thursday, 22-Sept-2011

NSE

  • It was a gloomy day for the Indian market which saw the biggest percentage fall for the Nifty since August 2009 and the biggest point fall for the Nifty since October 2008. Weak cues from the US following the Fed's negative statement on the economy had global markets in panic-selling mode. On close of trade, the Indian market saw deep cuts across the board, particularly in heavyweights. Sensex shut shop at 16361, down 704 points and Nifty at 4923, down 209 points from the previous close.

  • Top Nifty losers today were RIL, RCom, Jaiprakash Associates, Sterlite Industries and DLF.

  • As of now, the possible low for the market would be as 4750 levels, which discounts a lot of the disturbances and uncertainties, says Amisha Vora of Prabhudas Lilladher on CNBC TV18. But, it doesn't discount some of the banks going out of the business or some of the countries defaulting, she adds.

  • Operation Twist has happened as per expectation, says Eric Fishwick of CLSA on CNBC TV18. No cut in the interest rate of reserve deposits is viewed as a disappointment and it won't in my view mysteriously reinvigorate the US credit multiplier and it certainly won't restore growth instantly, he adds. Therefore something more should be expected, he says.

  • Defensive stocks would hold out better in the Indian markets, says Amit Bhartiya of GMO on ET Now. Globally the economic environment would be tough going ahead, he adds.

NIFTY 3-Month