MARKET ENDED 03.02.2010 WEDNESDAY

MARKET ENDED 03.02.2010
SENSEX 16496.05+332.61
NIFTY 4931.8 +101.75
NASDAQ 2190.06 +18.86
DJIA 10296.85 +111.32
RS/$ 46.25 +0.90

NIFTY MAJOR GAINERS
Shree Ashtav 28.05 + 20.13
KPR Mill 115.10 + 18.66
Infinite Com 191.80 + 16.24
Goldst.Tech 41.75 + 14.38
KabraExtrusn 214.40 + 13.89
Equities witnessed a short covering-led pullback rally Wednesday as sentiments turned bullish with some encouraging US economic data. Benchmark indices outperformed the broader markets after a sharp correction in the past few sessions. Indices opened on a higher note in line with positive Asian markets and gained momentum as the session progressed, only to retreat from crucial resistance levels. Positive response to NTPC follow-on public issue and gains in European market boosted sentiments. However, analysts are not convinced with the rally. They expect the market to remain volatile with negative bias till the Union Budget is announced later this month. We are bearish on the market and see Nifty slipping to 3800-4200 in next three-six months time. Investors should book profits and stay in cash while traders should go short on the market.

National Stock Exchange’s Nifty ended at 4931.85, up 101.75 points or 2.11 per cent. The index touched an intra-day high of 4949.15 and low of 4831.

Bombay Stock Exchange’s Sensex closed at 16,496.05, higher by 332.61 points or 2.06 per cent. The 30-share index hit a high of 16,552.99 and low of 16,210.25. BSE Midcap Index ended 1.50 per cent higher and BSE Smallcap Index advanced 1.06 per cent.

The BSE Metal Index ended 4.01 per cent higher, BSE Realty Index gained 2.81 per cent and BSE Bankex Index moved 2.07 per cent higher.

Biggest Sensex gainers were Sterlite Industries (5.97%), Tata Steel (4.91%), Larsen & Toubro (3.8%), HDFC (3.76%) and Hindalco Industries (3.27%).

Sun Pharmaceuticals, down 1 per cent, was the lone laggard in the 30-share index. The follow-on public offer of state-run NTPC was subscribed 61 per cent in the first two hours of its opening today. The issue received bids for over 25 crore shares against 41.22 crore equities on offer, according to the data available with the NSE. Shares of Multiplex operators INOX Leisure and Fame India surged after the former acquired 43.28 per cent stake in Fame India for Rs 44 crore. It will soon make open offer to acquire additional 20 per cent stake. Shares of INOX Leisure closed 10.19 per cent higher and Fame India ended 5 per cent up. Market breadth was positive on the BSE with 1775 advances and 1046 declines. European markets were in the green and the US markets were likely to open higher on expectations of positive jobs data. At 4:35 pm, Dow Jones stock futures was up 0.10 per cent, S&P 500 moved 0.10 per cent higher and NASDAQ 100 gained 0.11 per cent.
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RAKESH MAKIN
Chugh securities Pvt Ltd
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PANCHKULA (Haryana).
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