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Market Report

Friday, 06-Jan-2012

NSE

  • It was a flat day for the Indian market which opened up in the red but closed off the lows of the day and in the green. Metals, autos, FMCG and banking stocks aided in the pullback rally which helped the Nifty climb up again above 4700 after a brief move below it. The broader markets were, however, flat in trade for most part. Sensex shut shop at 15867, up 10 points and Nifty at 4754, up 4 points from the previous close.

  • Top Nifty gainers today were RCom, Reliance Infrastructure and BPCL while losers included Hero MotoCorp, Bharti Airtel and Jaiprakash Associates.

  • It was a mixed week for the Indian market which saw a couple of positive sessions and then see-saw move and lacklustre days. Experts believe the market is consolidating in the short term before resuming its downward move. Cues from the global markets were mostly subdued and quiet. This week's performance was average and the numbers are: Sensex up 2.8% and Nifty up 3%. CNX Midcap index was up 2.3%, BSE Smallcap index up 2.8% over the week.

  • International markets are weak and in 1-2 days we could see selling pressure come in, says Manish Shah of Fortune Financial Services on Zee Business. On the downside, the target on the Nifty could be 4660-4650, he adds.

  • In the medium term, the market is likely to remain negative though in the short term it is sideways, says Somil Mehta of Sharekhan on NDTV Profit. Overall, the market is heading down and we could see the Nifty testing 4350, he adds. What we are witnessing now is short-term consolidation, he says.

  • The upside is capped for the market at 4782 and 4815 where stiff resistance will come in, says Prakash Gaba, technical analyst, on Zee Business. He sees support for the Nifty at 4700.

  • Tomorrow, the BSE and NSE will hold a special live trading session for 90 minutes for upgrading of the latter's F&O system infrastructure. Trading time would be from 11.15 am to 12.45 pm.

NIFTY 3-Month