Market view 04.12.2009

MARKET :04.12.2009

SENSEX 17101.54 -84.14
NIFTY 5108.90 -22.80
NASDAQ 2176.05 6.87
DJIA 10426.31 -11.11
RS/$ 46.25 -0.16

Equities failed to break out of resistance levels for consecutive second day and ended in the negative terrain Friday. Indices had run-up sharply in the past few sessions on the back of positive news but lack of fresh triggers left the market dry on volumes. “There is not much steam left in the market as valuations of most of the companies (barring auto stocks) are fairly valued. The Dubai crisis is an indicator that there may be a correction ahead. One negative news and the global markets are ready to tank. We see the Nifty slip to 4400-4200 in the medium term. This correction would be the best opportunity for all kind of investors to take positions in the market.

Bombay Stock Exchange’s Sensex was at 17101.54, down 84.14 points or 0.49 per cent. The 30-share index touched a high of 17291.83 and low of 17032.81.

National Stock Exchange’s Nifty was at 5108.90 down 22.80 points or 0.44 per cent. The index touched a high of 5161.80 and low of 5081.85 in today’s trade.

The BSE Midcap Index was down 0.19 per cent and BSE Smallcap Index was moved 0.38 per cent higher. Amongst the sectoral indices, BSE Auto Index was down 1.47 per cent, BSE Bankex slipped 1.18 per cent and BSE Oil&gas Index fell 0.97 per cent. BSE Healthcare Index advanced 1.24 per cent and BSE FMCG Index inched 0.36 per cent higher.

Biggest Sensex gainers were Bharti Airtel (0.99%), TCS (0.77%), Reliance Infrastructure (0.77%), Hindalco Industries (0.68%) and Tata Motors (0.60%). Maruti Suzuki (-2.44%),

Mahindra & Mahindra (-2.17%), Hero Honda (-1.61%), ICICI Bank (-1.42%) and ONGC (-1.39%) were amongst the major losers.

Market breadth on BSE showed 1435 declines against 1372 advances

Regards,
RAKESH MAKIN
Chugh securities Pvt Ltd
+91 9915684997, 9041667797
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Email:rakeshmakin@yahoo.com
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