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Market Report

Friday, 27-Jan-2012

NSE

  • The markets closed with significant gains today with Nifty closing above its psychologically important level of 5200. Oil & gas, consumer durables, tech and metal were the lead gainers while realty remained the biggest laggard in today's session. The Sensex closed at 17234, up 157 points from its previous close, and the Nifty shut shop at 5205, up 46 points.

  • The top Nifty gainers today were Sesa Goa, SAIL, Sterlite Industries and Grasim while the biggest losers included Ranbaxy, PNB, DLF and JP Associates.

  • It was another week of positive closing with both benchmark and all sectoral indices closing in the green. CRR cut by RBI also played important role in the robust performance as all interest rate sensitive sectors made significant gains. The Sensex was up 3% while the Nifty also gained 3% during the week. The CNX Midcap index was up 4%, the BSE Smallcap index gained 3.5% and the Bank Nifty was up 3%.

  • The RBI surprised the market positively by cutting the CRR by 50 bps to ease the liquidity conditions, says Mahesh Nandurkar of CLSA on CNBC TV18. He however thinks the non-core inflation still remains sticky. The market and the rupee have both reversed losses on partial easing of global liquidity and value buying and we would wait for more confirmation to be fundamentally constructive, he adds.

  • Despite the current excitement on CRR cut by the RBI, the Sensex may dip closer to 14500 on disappointing GDP and earnings growth, says Jyotivardhan Jaipuria of BofA ML on CNBC TV18. However, we reiterate our CY12 Sensex target of 19000 as rate cuts could kick-start growth, he adds.

  • The trend of the market is up but we are coming in for a bit of a consolidation, says Mitesh Thacker, technical analyst, on ET Now. The level of 5200 has been crossed but within a day or two, a stronger and longer correction could come, he adds.

NIFTY 3-Month