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Market Report

Friday, 03-Feb-2012

NSE

  • The markets traded rangebound in the morning but picked up in the afternoon to close with significant gains. Realty, healthcare, power and FMCG were the biggest gainers in today's session while metal stocks lost ground. The Sensex closed at 17605, up 173 points from its previous close, and the Nifty shut shop at 5326, up 56 points.

  • The top Nifty gainers today were IDFC, Grasim, HUL and NTPC while the biggest losers included Hindalco, Reliance Communications, Jindal Steel and Tata Steel.

  • It was another positive week for the markets with both benchmark indices closing with robust gains. Realty, metal, auto and IT remained the lead performers while oil & gas and power, too, supported the indices well. The Sensex was up 2% while the Nifty gained 2.2% during the week. The CNX Midcap index was up 3.3% and the BSE Smallcap gained 3%.

  • Today's closing was crucial because that would give a cue as to what direction the market is likely to take, says Sarvendra Srivastav, independent market analyst, on NDTV Profit. A correction to 5150-5100 should provide a good buying opportunity, he adds.

  • This is a liquidity-driven market with immediate support in the short term at 5200, says Nitin Kunte of ICICI Direct on Zee Business. Maintain long positions with an intra-day stop loss of 5230-5220, he adds.

  • The market is likely to be volatile and so use this volatility to your advantage, says Ashwani Gujral, technical analyst, on ET Now. All intra-day dips should be used to buy and profit booking should be done whenever possible, he advises.

NIFTY 3-Month