Last week Market Summary

Last trading day: Friday, 18 December

It was a lackluster week for our market that continued to trade in a tight range. Experts feel the market is headed lower if 4950 breaks on Nifty. This week's flat figures were: Sensex down 2.3% and Nifty down 2.5%. BSE Midcap index was down 1.9%, BSE Smallcap index down 1% over the week. BSE IT index was up 3%. BSE Bankex index was down 5.7%, BSE Realtydown 5.5%, BSE Oil & Gas down 4.25% and BSE FMCGindex down 3.3%.  

It was another flat and weak day of trade. The market closed below the crucial Nifty 5000 levels. Experts feel if 4950 breaks on Nifty, market will drift lower. They believe market needs good conviction or triggers to take it higher and so is likely to trade sluggish till earnings season in January. Sensex shut shop at 16719, down 174 points and Nifty is at 4987, down 54 points from the previous close. CNX Midcap index was down 0.80% andBSE Smallcap index was down 0.38%. The market breadth was negative with advances at 422 against declines of 835 on the NSE. Top Nifty gainers includedTata Motors, TCS and Ranbaxy while losers wereUnitech, Gail and DLF.  

Earlier the Nifty range was 4800-5200 and now this has got narrower, says Dipan Mehta, market expert, on CNBC TV18. In the near term, the market is likely to be rangebound, he feels. The trend will be determined by global markets and though it is difficult to predict a deep correction, there is weakness, he adds.