makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 29.04.2010 THURSDAY

Thursday, April 29, 2010

MARKET ENDED 29.04.2010 THURSDAY

TODAYS NIFTY GAINERS

MARKET ENDED 29.04.2010 THURSDAY

SENSEX 17503.47 +123.39

NIFTY 5254.15 +38.70

NASDAQ 2471.73 +00.26

DJIA 11045.27 +53.28

RS/$ 44.60 +00.15

After nosediving nearly 2 per cent in the previous session, equity benchmarks were back in action Thursday as traders covered short positions with the expiry of derivative contracts for the April series. Realty, banking and metal counters were in demand while FMCG, healthcare and technology counters ended with minor losses.

The overall market sentiment turned better backed by overnight gains on Wall Street, after the US Federal Reserve offered reassurances about the world's largest economy. The central bank, at the end of a two-day policy meeting, said the labor market is beginning to improve and it noted that housing starts have edged up. It expects to keep rates low for an extended period to help strengthen the economy.

Overall, there was considerable amount of strength in the market. 5200 on the Nifty was held comfortably which was under threat after the massive fall Wednesday. Banking counters picked up significant gains. The sentiment which was battered on account of the global woes has now improved. Going forward, Nifty will remain in a range of 5200-5300 and one needs to wait for a breakout in either directions to determine the trend. In case it breaks 5200 on the downside, then the index may slip to 5125, while on the upside, if 5300 breaks, the Nifty can rally upto 5400

National Stock Exchange’s Nifty closed at 5254.15, higher by 38.70 points or 0.74 per cent. The broader index hit a high of 5264.75 and low of 5214.80.

Bombay Stock Exchange’s Sensex was at 17,503.47, up 123.39 points or 0.71 per cent. The index touched a high of 17532.86 and low of 17382.09.

The broader market also gained momentum. BSE Midcap Index was up 1.08 per cent and BSE Smallcap Index gained 1.29 per cent.

Amongst the sectoral indices, BSE Realty Index was up 1.96 per cent, BSE Bankex gained 1.62 per cent and BSE Metal moved 1.14 per cent higher. BSE FMCG Index declined 0.96 per cent, BSE Healthcare Index fell 0.34 per cent and BSE IT Index lost 0.25 per cent.

On a stock specific note, shares of Mindtree Consulting dropped more than 10 per cent to Rs 575 after HSBC, JPMorgan and Credit Suisse downgraded the stock.

Meanwhile, shares of Eicher Motors surged more than 16 per cent after the commercial vehicles manufacturer’s net profit in the March quarter more than doubled. The company reported an over twofold jump in its net profit for the first quarter ending March 2010, at Rs 40.21 crore on account of higher sales and cost efficiency measures. The company had recorded a profit of Rs 15.83 crore in the same period last year, Eicher said in a statement.

Biggest Nifty gainers were Unitech (4.34%), Reliance Power (4.12%), ICICI Bank (3.11%), Tata Motors (2.72%) and State Bank of India (2.37%).

Losers were Power Grid (-4.4%), BPCL (-2.86%), Idea Cellular (-2.77%) and Sun Pharmaceuticals (-2.43%).

Market breadth on BSE showed 1797 advances against 1056 declines.

Regards,

RAKESH MAKIN

Chugh securities Pvt Ltd

+91 9915684997,9041667797(DIRECT)

OFF 0172-4657997

PANCHKULA (Haryana).

Email:makin_97@yahoo.com

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