MARKET OUTLOOK for 12th Aug

It was an interesting day for the Indian market which opened gap down and traded weak in the first half of the session. It slipped further on release of the June IIP data which the market read as disappointing, but SBI's Q1 results soon after, beat street estimates and led to a surprising recovery. This helped the indices recoup the losses in early trade and close flat with banking leading the gains. Sensex shut shop at 18073, up 3 points and Nifty at 5416, down 4 points from the previous close. CNX Midcap index was up 0.4% and BSE SMALLcap index was up 0.03%. The market breadth was negative with advances at 530 against declines of 741 on the NSE. Top Nifty gainers were SBI , PNB and Cairn India while losers included Ambuja Cements,Sterlite Industries and JP Associates.