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Market Report

Friday, 01-June-2012

NSE

  • The markets lost significantly today with both benchmark indices closing below their psychologically important levels of 16,000 and 4900, respectively. Barring FMCG, all sectoral indices closed negative with capital goods, power, auto and oil & gas being the worst performers. IT, banking, tech and metal, too, lost significantly. The Sensex closed at 15965, down 253 points from its previous close, and the Nifty shut shop at 4842, down 83 points.

  • The top Nifty gainers today were ITC, GAIL, Sun Pharma and Hindalco and the biggest losers included Asian Paints, Cairn India, Siemens and Bank of Baroda.

  • The markets closed with substantial losses this week and all sectoral indices along with both benchmark indices closed negative. The Sensex was down 1.4% and Nifty lost 1.6% over the week. The CNX Midcap index was down 2% while the Bank Nifty also closed with 2% loss.

  • The market is likely to trade in a range for the next one week, says Salil Sharma, technical analyst, on NDTV Profit. On the downside, there is support at 4840 with resistance coming in at 5000, he adds.

  • The market is likely to trade choppy in the next few days within a 150-175 point range, says Mitesh Thacker, technical analyst, on ET Now. There is support at 4800-4780 with supply coming in at 4950 and 5010, he adds.

  • The infectious optimism has entirely disappeared from the Indian story, says Chris Wood of CLSA on CNBC TV18. The market is nowhere near the trough valuations of March 2009, and the de-rating India has seen in the past seven quarters has so far not led to much net selling by FIIs, he adds. He sees a risk of more selling to come.

NIFTY 3-Month