MARKET VIEW 18.11.2009

Indices ended yet another lukewarm session little changed on Wednesday, in line with other global markets and due to lack of buying activity at current levels. Market opened on a sluggish note and moved in a narrow range. However, selling in heavyweights like Reliance Industries, ICICI Bank and L&T led to a lower closing for the benchmarks. “For the last the three sessions Nifty has been moving in the range of 5000-5080. If it fails to move above 5080 then we may see a downward correction. If it manages to hold 5080 then we may see bout of short of covering taking the index to 5150-5180 levels National Stock Exchange’s Nifty closed at 5054.70, down 7.55 points or 0.15 per cent. The index touched an intra-day low of 5041.65 and high of 5079.30. Bombay Stock Exchange’s Sensex ended below the 17000 mark, settling at 16,998.78, down 51.87 points or 0.3 per cent. The 30-share index touched a high of 17098.79 and low of 16958.41. Unlike the frontline counters, the broader market ended with gains. The BSE Midcap Index was up 0.29 per cent and BSE Smallcap Index moved 0.8 per cent higher. BSE Oil&Gas Index closed 0.84 per cent lower, followed by BSE Bankex down 0.78 per cent and BSE Capital Goods Index down 0.66 per cent. The BSE Metal Index rose 1.2 per cent and BSE IT Index notched up 0.7 per cent. Reliance Infrastructure (-3.2%), Larsen & Toubro (-1.72%), ICICI Bank (-1.47%), Reliance Industries (-1.47%) and Grasim Industries (-1.17%) ended with losses. Tata Motors (3.14%), Tata Steel (1.68%), ITC (1.61%), Infosys Technologies (1.54%) and Jaiprakash Associates (1.06%) restricted the fall. Market breadth was positive on the BSE with 1,598 advances and 1,166 declines.
18.11.2009
SENSEX 16998.78 -51.87
NIFTY 5054.70 -7.55
NASDAQ 2203.78 5.93
DJIA 10437.42 30.46
RS/$ 46.2 -0.16

Regards,
RAKESH MAKIN
Chug securities Pvt Ltd
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PANCHKULA (Haryana).
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