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Market Report

Monday, 12-Dec-2011

NSE

  • Bad IIP data took their toll on the markets with both benchmark indices breaching their psychologically important levels of 16,000 and 4800, respectively. Barring IT, all sectoral indices closed negative with metal being the worst among them. Other sectors with substantial losses were oil & gas, banking, realty, auto and capital goods. The Sensex closed at 15870, down 343 points from its previous close, and the Nifty shut shop at 4765, down 102 points.

  • The top Nifty gainers today were Wipro, TCS, HCL Tech and Infosys while the biggest losers included Tata Power, Hindalco, SAIL and JP Associates.

  • Every rally in the markets should be sold into, says Ajay Srivastava of Dimension Consulting on NDTV Profit. The demand situation in the market is getting worse and we do not expect Q3 results to deliver or interest rates to fall in the near future, he adds. Fiscal deficit remains the key concern, he says.

  • The trend of the market is clearly down and it will not be easy for the market to push up, says Sudarshan Sukhani, technical analyst, on CNBC TV18. Every relief rallies will see resistances at 50-point gaps, at 4950-5000-5050, he adds.

  • IIP data for the month of October has come in at -5.1% while April-October IIP growth is at 3.5%, reports NDTV Profit. September IIP data has been revised to 2.0% versus 1.9%, reports the channel. Mining sector degrowth is at -7.2% versus 6.1% (YoY), manufacturing sector degrowth at -6% versus 12.3% (YoY), electricity sector growth at 5.6% versus 8.8% (YoY), basic goods degrowth at -0.1% versus 9.8% (YoY), intermediate goods degrowth at -4.7% versus 9.7% (YoY), consumer goods degrowth at -0.8% versus 9.3% (YoY) while capital goods degrowth is at -25.5% versus 21.1% (YoY), adds the channel.

NIFTY 3-Month