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Market Report

Wednesday, 12-Oct-2011

NSE

  • The markets closed with significant gains today and the Nifty crossed its psychologically important level of 5000. All sectoral indices closed positive with IT being the best performer. Banking and realty, too, made substantial gains and capital goods and metal also joined the rally. The Sensex closed at 16958, up 422 points from its previous close, and the Nifty shut shop at 5099, up 125 points.

  • The top Nifty gainers today were Infosys, SBI, Tata Motors and Jindal Steel while the biggest losers included Coal India, Tata Power, BPCL and Bharti Airtel.

  • It looks very unlikely that this market has enough steam to cross 5200 because if you look at the major events which can pan out over the next month or two, I don't see any positive surprises, be it the earnings for the entire corporate India put together, says Nilesh Shah of Envision Capital on CNBC TV18. I think RBI still continue to be hawkish for the next month or two till they basically see inflation sobering and I don't think global sentiment is positive enough, he adds.

  • The market is likely to remain rangebound and till the Nifty does not cross 5200 there will not be any fresh momentum in the market, says Simi Bhaumik, technical analyst, on Zee Business. She sees support at 4850-4800 and resistance at 5100-5200.

  • I don't see the market going beyond 5200-5250 in the short term, says Ambareesh Baliga of Way2Wealth on NDTV Profit. I would book partial profits on my holdings at the current levels and some more at 5150-5200 and stay in cash, he adds.

  • IIP Data: The IIP number for August has come in at 4.1% versus 3.8% in July while the July IIP data has been revised to 3.8% versus 3.3%, reports NDTV Profit. Manufacturing sector growth has come in at 4.5% versus 4.7% (YoY), capital goods growth is at 3.9% versus 4.7%, mining sector growth at -3.4% versus 5.9% (YoY), consumer goods growth at 3.7% versus 4.6% (YoY), electricity sector growth at 9.5% versus 1% (YoY), basic goods growth at 5.4% versus 3.8% (YoY), intermediate goods growth at 1.3% versus 5.8%, reports CNBC TV18.

NIFTY 3-Month