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Market Report

Friday, 09-Dec-2011

NSE

  • The markets closed with substantial losses today with auto, capital goods and oil & gas being the worst performers. There was a bit of a recovery in the afternoon, but selling pressure in the last one hour ensured that the markets remained down. There was some positive movement in a few counters but, overall, negativity prevailed everywhere. Consumer durables was the only sector that managed to close positive. The Sensex closed at 16213, down 275 points from its previous close, and the Nifty shut shop at 4867, down 77 points.

  • The top Nifty gainers today were Reliance Power, Hindalco, Kotak Mahindra Bank and Dr Reddy's while the biggest losers included SAIL, JP Associates, Siemens and Mahindra & Mahindra.

  • Negativity prevailed across all sectors during the week and both benchmark indices and all sectoral indices closed with significant losses. Realty, metal, oil & gas and capital goods were the biggest losers and banking and auto, too, contributed in the negativity. The Sensex was down 3.3% while the Nifty lost 3.1% during the week. The BSE Smallcap lost 1.9%, the CNX Midcap index closed with 2.5% loss and Bank Nifty was down 3.3% over the week.

  • The bounce is over and we are heading downwards now, says Somil Mehta of Sharekhan on NDTV Profit. Go short with a target of 4300, he adds.

  • The Nifty level of 4900 was broken on the downside today, says Sudarshan Sukhani, technical analyst, on CNBC TV18. Once the market goes below 4900 then this would reconfirm the downtrend, he adds.

  • The Nifty has strong resistance at 5000 with support coming in at 4815, says Prakash Gaba, technical analyst, on Zee Business. Sell on every rally, he adds.

NIFTY 3-Month