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Market Report

Tuesday, 18-Oct-2011

NSE

  • It was a day of selling pressure in the markets with both benchmark indices and all sectoral indices closing with substantial losses. IT and realty remained the worst performers in today's session and auto, metal, capital goods, oil & gas and banking, too, played their roles in pulling the indices down. The Sensex closed at 16748, down 277 points from its previous close, and the Nifty shut shop at 5037, down 81 points.

  • The top Nifty gainers today were Coal India, BPCL, Ranbaxy and GAIL while the biggest losers included HCL Tech, TCS, Hindalco and Tata Motors.

  • We believe that Indian stocks have priced in most of the bad news, however, they could correct another 15-20% if we see significant FII outflows due to global developments, says Suresh Mahadevan of UBS on CNBC TV18.

  • The long-term trend of the market is down and it is not an easy market to invest in though opportunities are there for traders, says Sudhanshu Pandey of FRR Shares and Securities on NDTV Profit. The range for the market now is 4700 and 5200 and if the market closes above 5200 then we could go up to 5400, he adds.

  • There could further downside than upside in the market, says Gaurang Shah of Geojit BNP Paribas on NDTV Profit. For today, an important level was 5045-5050 and as this is breached we could test 4950-4900 and over a period of time could even go down to 4700, he adds.

  • There is stiff resistance for the Nifty at 5170 and till this level is not crossed, upside will not be possible, says Rupal Saraogi, technical analyst, on Zee Business.

NIFTY 3-Month