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Market Report

Friday, 11-May-2012

NSE

  • It was a gloomy session for the Indian market which shut its last trading day on a negative note following poor March IIP data and weakness in Indian rupee. Global cues remained cheerless as concerns over Greece continued to haunt traders. Back home, the Nifty's closing below the 5000 level four days in a row was worrisome. Sensex shut shop at 16292, down 127 points and Nifty at 4928, down 36 points from the previous close.

  • Top Nifty gainers today were Jaiprakash Associates, Bajaj Auto and Tata Motors while losers included Tata Power, Grasim and Sun Pharma.

  • This was a dismal week for the Indian market which saw almost all sectoral indices end in the red. Infrastructure took the most beating, followed by technology, metals and banks. The range for the indices shifted further down and experts believe next week will continue to be choppy and negative. This week's performance was poor and the numbers are: Sensex down 3.2% and Nifty down 3.1%. CNX Midcap index was down 3.2%, BSE Smallcap index down 2.9% over the week.

  • The trend of the market is down and the Nifty could go down to 4880-4860, says Sandeep Wagle of Aptart India on ET Now. Book short positions at 4900-4880 and sell again on rise to 5000-5050, he adds.

  • The market is likely to trade choppy and sideways next week and 4950 could get breached, says Ashwani Gujral, technical analyst, on ET Now. It would be difficult to cross the 5000 mark, he adds.

  • As the Nifty gave a closing below 4950 today, our view would be bearish on the market and we can see a target of 4880-4870, says Prabir Kumar Sarkar, technical analyst, on Zee Business.

  • News from Greece has forced investors to focus again on the potential collateral damage the European banking system may face by a Greek exit, and we would advise macro investors to short the euro, says Chris Wood of CLSA on CNBC TV18.

  • March IIP data has come in at -3.5% versus 4.1% in February, reports NDTV Profit. Electricity sector growth has come in at 2.7% versus 7.2%, manufacturing sector growth at -4.4% versus 11%, capital goods at -21.3%, basic goods at 1.1%, intermediate goods at -2.1% while mining sector growth is at -1.3% versus 0.4% (YoY), reports CNBC TV18.

NIFTY 3-Month