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Market Report

Monday, 05-Dec-2011

NSE

  • The markets traded with negative bias throughout the day but covered the losses in the last one hour to close with only moderate declines. Metal remained the biggest loser in today's session and consumer durables, too, closed significantly in the red. Capital goods, IT and banking provided support to the indices and oil & gas also closed positive. The Sensex closed at 16805, down 41 points from its previous close, and the Nifty shut shop at 5039, down 11 points.

  • The top Nifty gainers today were JP Associates, Axis Bank, NTPC and BHEL while the biggest losers included HCL Tech, SAIL, Reliance Power and Tata Steel.

  • Mood in the markets is not good and if we do not correct the fiscal situation now, we will fall into a vicious cycle, says Pankaj Vaish of Citi on CNBC TV18. There will be episodes of sharp corrections in the markets, he adds.

  • The current market set-up appears to be a bullish one for the long term and it appears that the final low has been established at 4639-4640, says Sarvendra Srivastav of Emkay Global on NDTV Profit. If the Nifty manages to break above 5100 then we could see a move up to 5400, he adds.

  • Last week we saw a sharp short-covering rally and do not expect it to continue this week, says Aditya Agarwal of Way2Wealth on CNBC Awaaz. We are likely to see a rangebound trade now with buying at the Nifty support of 4800-4850 and profit booking at 5100-5120, he adds.

  • If the currency stays stable then we could see stability return to the Indian markets, too, says Deven Choksey of KR Choksey Shares & Securities on NDTV Profit. However, we are still in a zone where we would need to remain cautious and if the European meet this week is favourable then this would act as a positive for our markets, he adds. As of now, we are in a trading range of 4700 and 5100, he says.

NIFTY 3-Month