MARKET VIEW 29.10.2009

ZEE NEWS !!!!JARRA SOCHOO !!!!!SABSE AGGEHE

BOMBAY STOCK Sensex closed the day at 16,052.72, down 230.77 points or 1.42 per cent from Wednesday. The index touched a high of 16,264.09 and low of 15,993.83 during the day. National Stock Exchange’s Nifty ended at 4750.55, down 75.6 points or 1.57 per cent. The broader index hit a low of 4738.40 and high of 4826.10. “Momemtum is on the downside and every bounce should be used as an opportunity to exit long positions or one can initiate shorts at 4850. We see the Nifty falling to 4350-4300 in next one to two months, The BSE Midcap Index was down 1.95 per cent and BSE Smallcap Index was 1.29 per cent lower. Amongst the sectoral indices, BSE Realty Index was down 6.4 per cent, BSE Metal Index fell 2.58 per cent, BSE Power Index slipped 2.01 per cent and BSE Bankex lost 2.55 per cent. BSE FMCG Index was up 0.66 per cent and BSE Healthcare Index ended unchanged from the previous close. Nifty gainers were Mahindra & Mahindra (3.75%), Ranbaxy Laboratories (2.88%), BPCL (2.46%), GAIL (1.8%) Tata Motors (-4.23%), DLF (-4.09%), Unitech (-3.62%), Reliance Capital (-3.54%) and Reliance Communications (-3.5%) ended with losses. Market breadth was negative on the BSE with 1,854 declines and 823 advances. Meanwhile, European markets were off lows following a pull-back in banking stocks. US stock futures were also indicative of a positive start. At 5 pm IST, Dow Jones futures was up 0.47 per cent, S&P 500 moved 0.53 per cent higher and Nasdaq 100 edged 0.33 per cent higher.