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Market Report

Monday, 07-May-2012

NSE

  • The finance minister's statement about deferring GAAR provisions for a year provided a much needed boost to the markets and both benchmark indices closed with significant gains. Capital goods, consumer durables, power and metal were the best performers in today's session while FMCG, oil & gas and IT remained the biggest laggards. The Sensex closed at 16913, up 82 points from its previous close, and the Nifty shut shop at 5114, up 27 points.

  • The top Nifty gainers today were BHEL, BPCL, L & T and DLF while the biggest losers included Cairn India, JP Associates, HCL Tech and Dr Reddy's.

  • From here we may see a pullback but the trend of the market is down, says Ashwani Gujral, technical analyst, on ET Now. Today, if the Nifty crosses 5111 then create short positions, he adds. He believes the Nifty could fall to 4700 before it starts to move up again.

  • The short-term trend of the market is down with stiff resistance for Nifty at 5135-5160, says independent market analyst Sarvendra Srivastav on NDTV Profit. He sees support at 5050-5040.

NIFTY 3-Month