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Market Report

Tuesday, 01-Nov-2011

NSE

  • The markets closed with significant losses today with all sectoral indices closing in the red. Realty, auto, banking and metal were the worst performers in today's session and capital goods and oil & gas also played their role in pulling the markets down. The Sensex closed at 17481, down 224 points from its previous close, and the Nifty shut shop at 5258, down 69 points.

  • The top Nifty gainers today were HUL, PNB, Wipro and BPCL while the biggest losers included ICICI Bank, Mahindra & Mahindra, Reliance Infra and Dr Reddy's.

  • The upside in the short term is capped with supply coming in at higher levels, says Mitesh Thacker, technical analyst, on ET Now. The level to initiate fresh longs is 5280-5250, he adds. He believes the market scenario should continue to be rangebound.

  • Going forward, the market is likely to trade with an upward bias, says Deven Choksey of KR Choksey on ET Now. The Nifty will settle at a bottom level of 5250-5200, he adds. He believes November-December would be good for global and Indian equities and sees PSU banks valuations reflecting lower end of prices.

  • The trend of the market is still strong and if the Nifty is able to sustain above 5300 then we could be headed towards 5500, says Shrikant Chouhan of Kotak Securities on NDTV Profit. Otherwise, the market could continue to stay within the range of 5400 and 5200, he adds.

NIFTY 3-Month