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Market Report

Wednesday, 09-May-2012

NSE

  • Negativity prevailed in the markets today and the Nifty closed below its psychologically important level of 5000. Barring FMCG and IT, all sectoral indices closed negative with realty, metal, banking and power being the worst performers. The Sensex closed at 16480, down 67 points from its previous close, and the Nifty shut shop at 4975, down 25 points.

  • The top Nifty gainers today were ITC, Ranbaxy, Bajaj Auto and TCS while the biggest losers included JP Associates, SAIL, Grasim and DLF.

  • Indian market is headed lower in the near term but valuations are attractive, says Punita Kumar Sinha of The BlackStone Group on CNBC TV18.

  • Till we are able to break out above 5100, the market will continue to go down, says Ashwani Gujral, technical analyst, on ET Now. Chances are that the selling has just begun, he adds.

  • The market is going down with no support at 5000, says Sudarshan Sukhani, technical analyst, on CNBC TV18. We could fall down to 4800 very fast, he adds.

  • We are likely to test 4860 in a couple of days and any pullback to 5020-5030 should be used to sell into, says Sandeep Wagle of Aptart India on ET Now. The range for the Nifty now is 4850-5050, he adds.

NIFTY 3-Month