makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 06.05.2010 THURSDAY

Thursday, May 6, 2010

MARKET ENDED 06.05.2010 THURSDAY

WERE TODAYS GAINERS

MARKET ENDED 06.05.2010 THURSDAY

SENSEX 16987.53 -100.43

NIFTY 5090.85 -34.05

NASDAQ 2402.29 -21.96

DJIA 10868.12 -58.65

RS/$ 44.87 -00.31

Equities continued their losing streak on Thursday, with the indices ending below psychological support levels. Market has been correcting along with other global peers on concerns of economic crisis widening in the Europe.
Indices opened in the red and slipped further due to lack of buying support. However, some short covering emerged near crucial support levels and benchmarks recovered most of intra-day losses. Capital goods, metals and IT stocks were the worst hit while pharma and PSU stocks bucked the trend.
Bombay Stock Exchange’s Sensex ended at 16,987.53, down 100.43 points or 0.59 per cent. The index touched an intraday low of 16,823 after opened at 17,080.47.
National Stock Exchange’s Nifty closed at 5090.30, down 34.60 points or 0.68 per cent. The broader index touched a low of 5037.75 from a high of 5124.90.
After breaking 50-DMA the market is moving to 200-DMA. Nifty is likely to find support at 4960 level. At the moment we are moving in a narrow range between 5000 and 5100. We would advise traders to buy on dips rather than booking profits. Banks and auto look good while real estate and sugar stocks are looking weak

The BSE Midcap Index was down 0.50 per cent and BSE Smallcap Index slipped 0.08 per cent.
Amongst the sectoral indices, BSE Capital Goods Index was down 1 per cent and BSE Metal Index fell 0.98 per cent. BSE Healthcare Index advanced 1.40 per cent and BSE PSU Index moved 0.64 per cent higher.
Suzlon Energy (5.39%), Cipla (3.22%), Ranbaxy Laboratories (3%), BPCL (2.73%) and Sun Pharma (2.28%) were the top Nifty gainers.
Jindal Steel (-4.16%), ABB (-4.03%), Ambuja Cement (-3.75%), Tata Motors (-2.62%) and Cairn India (-2.41%) were amongst the major index losers.
Suzlon Energy shot up after ET NOW reported that India’s largest wind turbine supplier may soon bag orders worth $3 billion from the UK. The company is likely to enter a pact with UK's Caparo Group, ET NOW reported citing sources.
Shares of Cipla surged after ET NOW broke source-based story that the pharmaceutical major is in talks with Pfizer for a strategic partnership.
Market breadth was negative on the BSE with 1,440 losers against 1,356 gainers.
European markets bounced back to positive territory ahead of ECB meet. US stock futures also indicated a positive start. At 4:30 pm IST, Dow Jones stock futures was up 0.25 per cent, S&P 500 advanced 0.36 per cent and Nasdaq 100 declined 0.18 per cent.