were nifty gainers
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MARKET ENDED 21.04.2010 WEDNESDAY
SENSEX 17472.56 +11.98
NIFTY 5244.90 +14.80
NASDAQ 2500.31 +20.20
DJIA 11117.06 +25.01
RS/$ 44.52 +00.10
Indian equity benchmarks ended a choppy session on a flat note Wednesday due to lack of support from the European market.
Indices opened higher and turned range bound near resistance levels. Meanwhile, traders continued to buy stocks from broader markets. Action was also seen in companies that have reported quarterly earnings.
Short-term bias is negative for the Nifty. Traders can go short on Nifty around 5260-5280 levels for target of 5050 and keep a stoploss of 5316. Amongst the sectors, metal space look weak and may see some hammering
National Stock Exchange’s Nifty ended at 5244.90, up 14.80 points or 0.28 per cent. The index touched a high of 5266.30 and low of 5230.30.
Bombay Stock Exchange’s Sensex closed at 17472.56, up 11.98 points or 0.07 per cent. The 30-share index hit intra-day high of 17565.55 and low of 17446.51
BSE Midcap Index was up 0.96 per cent and BSE Smallcap Index moved 1.38 per cent higher.
Amongst the sectoral indices, BSE Realty Index was up 1.68 per cent, BSE Bankex moved 1.25 per cent higher and BSE Auto Index advanced 1.10 per cent. BSE Capital Goods Index slipped 0.57 per cent and BSE Oil&gas Index declined 0.41 per cent.
Nifty gainers included HCL Technologies (8.57%), Axis Bank (4.46%), Siemens (2.85%), Reliance Power (2.45%) and Cipla (2.17%).
HCL Technologies' net profit rose 72 per cent at Rs 262.57 crore for the third quarter ended March 31, 2010, over the same period last year. Total income rose to Rs 1,287.11 crore for the quarter ended March 31, from Rs 1,048.90 crore in the same quarter previous fiscal.
Axis Bank again demonstrated its ability to grow at a faster pace than the industry. During the fourth quarter, the bank reported a growth of 28% in its loan book, significantly higher than the rate of 17% clocked by the industry, after loan growth had slipped to 12.5% in the quarter-to-December ’09.
Shares of Unitech surged after the company approved the proposal for amalgamation of two wholly owned subsidiaries, Aditya Properties and Unitech Holdings, demerger of the infrastructure business, and investments in the infrastructure sector, hiving off of the shares and investments held in companies in the telecommunications sectors (vested in Unitech Infra as a part of the demerged undertaking) to a wholly owned subsidiary of Unitech Infra.
Sun Pharma (-3.27%), BHEL (-1.66%), Sterlite Industries (-1.35%) Hindalco Industries (-1.18%) and ABB (-1.14%) were the amongst the index losers.
Market breadth was positive on the NSE with 1,966 advances against 1,004 declines.
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RAKESH MAKIN
Chugh securities Pvt Ltd
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PANCHKULA (Haryana).
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