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Market Report

Tuesday, 08-May-2012

NSE

  • The Indian market cracked in late trade to end at the lowest point of the day and with huge losses after a sell-off seen in banks (following poor Q4 earnings), IT, realty and capital goods. The Nifty closed below 5000 for the first time since January 18, 2012. Global weakness weighed on the Indian markets too as uncertainty loomed large over Europe post election results in France and Greece. Sensex shut shop at 16546, down 366 points and Nifty at 4999, down 114 points from the previous close.

  • Top Nifty gainers today were Hindalco, Coal India and GAIL while losers included Jaiprakash Associates, TCS and BHEL.

  • Broadly, the market is likely to remain rangebound though in the next 1-2 days, it might move up to 5240-5250, says Ashish Chaturmotha of IIFL Wealth on Zee Business. From this level, we could see profit taking again which could bring the Nifty down to 5050, he adds.

  • For the next 1-2 days, a bottom seems to have been made by the market and now the Nifty is likely to trade in a range for the week between 5050 and 5250, says Sandeep Wagle of Aptart India on ET Now.

  • Yesterday's rally was a relief rally since the market was oversold and the market is likely to be subdued now, says Rajesh Satpute, technical analyst, on Zee Business. There is strong resistance for the Nifty at 5150-5180 with support at 5050-5000, he adds.

NIFTY 3-Month