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Market Report

Wednesday, 16-May-2012


  • The markets lost substantially today with all sectoral indices closing deeply in the red. Metal, auto, consumer durables and capital goods were the worst performers in today's session and IT, power and banking, too, took a severe beating. The Sensex closed at 16030, down 298 points from its previous close, and the Nifty shut shop at 4858, down 84 points.

  • The top Nifty gainers today were BPCL, Power Grid, Cairn India and Bajaj Auto while the biggest losers included Tata Motors, Tata Steel, SAIL and Reliance Infra.

  • Recent price deterioration has pushed short-term equity momentum and breadth indicators to oversold levels, making rebound rallies possible, says Laurence Balanco of CLSA on CNBC TV18. But, new lows are likely to follow rally attempts, he adds.

  • There is another 120-point downside remaining in the market before a meaningful bounceback, says Dharmesh Kant of India Nivesh Securities on CNBC Awaaz.

  • Book short positions in the market which is near its support of 4820 from where it could bounce back, says Salil Sharma, technical analyst, on Zee Business.

  • Support for the Nifty comes in at 4853 and then 4761, says Prakash Gaba, technical analyst, on Zee Business. Any bounceback could take the market up to 5050, he adds.

  • The Indian rupee hits an all-time low of 54.32/$, reports CNBC TV18.

NIFTY 3-Month