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Market Report

Thursday, 01-Mar-2012

NSE

  • It was a choppy session for the Indian market which closed in the red and with substantial losses, dragged down by banks, capital goods, oil & gas and metals stocks. Sensex shut shop at 17583, down 168 points and Nifty at 5339, down 45 points from the previous close.

  • Top Nifty gainers today were Maruti Suzuki, Ambuja Cements and Cairn India while losers included DLF, IDFC and Mahindra & Mahindra.

  • The market is likely to go down another 100-110 points and test the important support level of 5210, says Manish Shah of Fortune Financial Services on Zee Business. The market could stay under pressure for the next 1-2 days, he adds.

  • There are three key events to watch for in March, says Jyotivardhan Jaipuria of BofA ML on CNBC TV18. He believes that in case of the UP assembly election results, a strong performance with a kingmaker role from Congress will be positive for markets. On the Credit Policy front, we expect a rate cut but if high oil prices persist, the RBI may only cut CRR and the market will watch out for the fiscal deficit estimate in the Budget, he adds.

  • The market is likely to remain in a range of 5300 on the downside and 5450 on the upside, says Azim Ahmed of ICICI Securities on Zee Business. Till it is rangebound, avoid buying high beta stocks and stick to defensives, he adds.

NIFTY 3-Month