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Market Report

Friday, 10-Aug-2012

NSE

  • It was a subdued close to a dull session for the Indian market which saw banks, autos and realty trade under pressure. However, some buying was seen in IT, FMCG and oil & gas stocks in a rangebound scenario. Sensex shut shop at 17557, down 3 points and Nifty at 5320, down 2 points from the previous close.

  • Top Nifty gainers today were BPCL, Maruti Suzuki and Kotak Mahindra while losers included SBI, Tata Motors and Ranbaxy.

  • After a rangebound and lackluster week the market closed absolutely flat with some cuts seen in the midcap index. Action was more stock specific though the IT pack saw some good gains. Global cues were flat, too. This week's performance was average and the numbers are: Sensex up 2.2% and Nifty up 2.1%. CNX Midcap index was down 0.04%, BSE Smallcap index up 0.1% over the week.

  • Hold positions in Nifty with a stop loss of 5250 but do not create fresh longs, says Sudarshan Sukhani, technical analyst, on CNBC TV18.

  • Till 5200 is not breached on the downside, then a target of 5700 is possible, says AK Prabhakar of Anand Rathi Securities on Zee Business. Buy on declines, he adds.

  • The level of 5250-5245 is key support for the Nifty, says Anil Manghnani of Modern Shares and Stockbrokers on CNBC TV18.

  • Although EM equities are up nearly 10% since early-June, investors seem unconvinced as Aug-Sept have been two worst months for EMs every year since 1990, says Geoffrey Dennis of Citi on CNBC TV18. However, we believe the rally should go further, investors should look to add beta, he adds.

NIFTY 3-Month