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Market Report

Thursday, 12-July-2012

NSE

  • The markets closed with significant losses today with IT taking severe beating. Tech, consumer durables, auto and capital goods were other sectors that closed with significant declines and oil & gas and realty were the only two sectors that managed to close in the green. The Sensex closed at 17233, down 257 points from its previous close, and the Nifty shut shop at 5235, down 71 points.

  • The top Nifty gainers today were JP Associates, ONGC, Hero MotoCorp and GAIL while the biggest losers included Infosys, Wipro, Bharti Airtel and IDFC.

  • If the level of 5234 breaches on the downside, then the fall will be deep, says Pradip Hotchandani of Prudent Broking on Zee Business. The retracement level for the Nifty is seen at 5130, he adds.

  • Correction could be starting in the market and so the bias should be on the short side, says Sudarshan Sukhani, technical analyst, on CNBC TV18. Go short below 5270, he adds.

  • The bias is clearly on the downside and we could see a 100-point cut in the Nifty, says Mitesh Thacker, technical analyst, on ET Now. Next target on the Nifty is likely to be 5200, he adds.

  • Nifty is likely to correct to 5200 before attempting to re-test 5400-5450, says Ashwani Gujral, technical analyst, on ET Now.

  • May IIP data has come in at 2.4% versus 0.10% (MoM), reports CNBC TV18. Capital goods growth has come in at -7.7% versus 6.2%, consumer goods at 4.3% versus 7.2%, manufacturing sector at 2.5% versus 6.3% and electricity sector at 5.9% versus 10.3%, Basic goods growth is at 4.1% vs 7.5%, mining at -0.9% vs 1.8%, consumer durables at 9.3% versus 5.1% and consumer non-durable goods growth at 0.1% versus 9% (YoY), reports the channel. April IIP data has been revised to -0.9% versus 0.10% (MoM), it reports.

NIFTY 3-Month