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Market Report

Wednesday, 14-Dec-2011

NSE

  • It was a volatile day for the Indian market which closed at the lowest point of the day. It opened gap-down and thereafter, traded rangebound and subdued for most part of the morning but weak November inflation data brought in profit booking. The broader markets too were soft in trade today on the back of weak global cues. Sensex shut shop at 15881, down 121 points and Nifty at 4763, down 37 points from the previous close.

  • Top Nifty gainers today were Sun Pharma, ITC and Ambuja Cements while losers included Tata Steel, Reliance Infrastructure and Tata Power.

  • For the time being a pullback is on the cards and at least 4840-4870 is definite given the nature of the fall, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18. The market has taken support at 4720 levels, which was a previous bottom and even on days it dipped to 4639 lows, on both occasions the market closed above 4700, so, 4700 remains key for the market, he adds. He believes that if the Nifty breaks 4700 levels then only should one be looking for targets of 4500 to 4300 range.

  • The market scenario is looking weak so avoid any fresh long positions, says Sandeep Jain of Tradeswift Broking on CNBC Awaaz. Going ahead, he sees the Nifty at 4650-4600.

  • We are more bearish in terms of emerging markets and exports for EMs will be a concern, says Marc Faber of The Gloom Boom & Doom Report on NDTV Profit. China is seeing huge over-capacity and markets are indicating all is not well in China, he adds. He thinks economic growth will not be particularly good in 2012 and sees the gold markets currently in correction phase.

  • Inflation: November WPI inflation has come in at 9.11% versus 9.73%, reports ET Now. Primary articles inflation is at 8.53% versus 11.40% (MoM), manufactured products inflation at 7.7% versus 7.66% (MoM), food articles inflation at 8.54% versus 11.06% (MoM) while fuel group inflation has come in at 15.48% versus 14.79% (MoM), adds the channel.

NIFTY 3-Month