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Market Report

Tuesday, 17-Apr-2012

NSE

  • Positive movement in European markets provided boost to the indices and the markets gained significantly in the later half of the trade. All sectoral indices closed positive with realty, metal, capital goods and power leading the rally. ADAG group stocks, too, supported the indices well. The Sensex closed at 17358, up 207 points from its previous close, and the Nifty shut shop at 5290, up 63 points.

  • The top Nifty gainers today were Reliance Infra, RCom, ONGC and Reliance Power while the biggest losers included Cairn India, HCL Tech, Dr Reddy's and Kotak Mahindra Bank.

  • After a positive Credit Policy, we could see a short covering, led by the banking sector, which could take the Nifty up to 5300-5350 and beyond, says Azim Ahmed of ICICI Direct on Zee Business.

  • Choppy price action persists as the Nifty continues to form a declining wedge pattern with a series of slightly lower lows and slightly lower highs, says Laurence Balanco of CLSA on CNBC TV18. He believes that however, this is typically a bullish pattern as it reflects poor downside momentum. The implication is the market could rally back to where it started, in this case 5700 on the Nifty, he adds.

  • RBI Credit Policy: RBI cuts Repo Rate by 50 bps while CRR has been kept unchanged at 4.75%, reports CNBC TV18. MSF borrowing cap has been raised to 2% versus 1% earlier, says the channel. Upside risks to inflation persist; imperative for fuel prices to go up, says the RBI Governor, reports NDTV Profit. Food articles inflation still high; financing current account deficit poses a challenge; banks deposit growth in FY13 seen at 16%, says the RBI Governor. Limited space for further reduction in rates, he adds, says the channel.

NIFTY 3-Month