MARKET ENDED 25.01.2010 & 26 JAN HOLIDAY

TODAY WE ALL WELL PERFORMED

SENSEX 16780.46 -79.22
NIFTY 5007.90 -28.10
NASDAQ 2210.80 +5.51
DJIA 10196.86 +23.88
RS/$ 46.18 +0.01
Stock indices ended a volatility-marred session on a lower note Monday. Profit booking was seen in rate sensitives like realty and auto space ahead of Reserve Bank of India’s policy announcement. Traders also squared off positions ahead of January F&O series expiry. Market opened lower in line with other Asian peers and drifted lower due to lack of conviction at current levels. Bearish moves by the FIIs also dampened sentiments.

National Stock Exchange’s Nifty closed at 5007.90, down 28.10 points or 0.56 per cent. The broader index touched a low of 4983.05 and high of 5035.70.

Bombay Stock Exchange’s Sensex ended at 16780.46, down 79.22 points or 0.47 per cent.

The index touched an intra-day low of 16705.56 and high of 16877.77. Nifty has now moved back into 4900-5120 range for the coming week. On the higher side in case of breakout 5300 will remain a key hurdle while any breach below 4900 may see Nifty moving sharply lower to 4650-4700 range. Global markets and funds flow will continue to play important role in directing course of our markets.

Expiry of January Futures & Option series on 28th followed by RBI meet on 29th will remain a key event for markets going aheadThe BSE Midcap Index was down 1.30 per cent and BSE Smallcap Index fell 0.90 per cent. Amongst the sectoral indices, BSE Realty Index was down 2.88 per cent, BSE Auto Index fell 2.14 per cent and BSE Metal Index declined 1.52 per cent. BSE FMCG Index was up 1.14 per cent and BSE Capital Goods Index advanced 0.42 per cent. M&M (-6.80%), HCL Tech (-6.38%), Suzlon Energy (-4.85%), Jaiprakash Associates (-3.54%) and ACC (-3.37%) led the decline.

Mahindra & Mahindra Ltd reported standalone net profit of Rs. 413.70 crore for the quarter ended Dec 31, 2009, sharply higher from Rs. 1.20 crore for the corresponding quarter of 2008. Net sales stood at Rs. 4478.70 crore compared with Rs. 2506.26 crore for the year ago quarter. The board has approved the sub-division of each of equity share of the face value of Rs.10 each into two shares of the face value of Rs.5 each. It has fixed February 5, 2010 as the cut off date to seek approval of shareholders by postal ballot. HCL Technologies Ltd posted standalone net profit of Rs. 255.44 crore for the quarter ended Dec 31, 2009, down from Rs. 300.75 crore for the quarter ended Sep 30, 2009. Net sales for the December quarter was also lower at Rs. 1213.71 crore from Rs. 1247.32 crore for the quarter to September. HCL Tech's net profit for the half year ended Dec 31, 2009 was Rs. 556.17 crore on net sales of Rs. 2461.04 crore. The board has declared an interim dividend of Re.1 per equity share of Rs.2 each.

ITC (2.77%), Bharti Airtel (2.75%), Hindustan Unilever (2.44%), Power Grid (2.01%) and L&T (1.02%) were amongst the top Nifty gainers.

Market breadth was negative on the BSE with 1,769 declines and 1,083 advances. European markets were in the red following profit booking in banks and the US stock future indicated a positive start. At 4:15 pm IST, Dow Jones futures was up 0.89 per cent, S&P 500 moved 1.01 per cent higher and NASDAQ 100 gained 0.70 per cent.

Note: Market will remain shut tomorrow on account of Republic day holiday.
Regards,
RAKESH MAKIN
Chugh securities Pvt Ltd
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PANCHKULA (Haryana).
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