makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 14.05.2010 FRIDAY

Saturday, May 15, 2010

MARKET ENDED 14.05.2010 FRIDAY

MARKET ENDED 14.05.2010 FRIDAY

SENSEX 16994.60 -271.27

NIFTY 5093.50 -85.40

NASDAQ 2346.85 -47.51

DJIA 10620.16 -162.79

RS/$ 45.22 +00.13

Indian markets ended lower Friday after profit booking emerged across the board following a deep correction in Europe. High beta sectors were under the hammer while FMCG and pharma stocks showed some resilience.
Market opened on subdued note due to lack of conviction amongst traders near resistance levels. After moving in a range with negative bias, the indices started drifting lower as sentiments turned bearish on concerns over Spain’s sovereign debt woes after the Greece bailout.
Bombay Stock Exchange’s Sensex ended at 16994.60, down 271.27 points or 1.57 per cent. The index touched a low of 16923.65 and high of 17329.32 in today’s trade.
National Stock Exchange’s Nifty closed at 5093.50, down 85.40 points or 1.65 per cent. The 50-share index hit a low of 5070.95 and high of 5192.75.
We are bearish on the Nifty and looking at a target of 5000 next week. Have advised traders to go short with a stoploss of 5220. Amongst sectors, we are bearish on metals, selective banks and Cairn India in oil&gas space

BSE Midcap Index was down 1.10 per cent and BSE Smallcap Index slipped 1.39 per cent.
Amongst the sectoral indices, BSE Metal Index was down 3.48 per cent and BSE Realty declined 2.49 per cent. BSE Healthcare Index moved up 0.14 per cent.
Sensex decline was led by Tata Steel (-4.66%), SBI (-4%), Sterlite Industries (-3.82%), Hindalco (-3.34%) and Jaiprakash Associates (-2.74%).
State Bank of India reported standalone net profit of Rs. 1866.60 crore for the quarter ended March 31, 2010, down from Rs 2742.31 crore for the corresponding quarter of 2009. Interest earned was Rs. 17965.59 crore compared with Rs. 17342.39 crore for the corresponding quarter of previous year. Interest expended was at Rs. 11244.15 crore against Rs. 12500.45 crore for the year earlier quarter. The PSU bank's standalone net profit for the year ended March 31, 2010 was Rs. 9166.05 crore, marginally up from Rs. 9121.24 crore for the year to March 2009. Interest earned was Rs. 70993.92 crore against Rs. 63788.43 crore for the previous fiscal. Interest expended was Rs. 47322.48 crore versus Rs. 42915.29 crore for last year.
Bharti Airtel (2.24%), ITC (0.68%), Grasim (0.25%) and ACC (0.23%) were the top Sensex gainers.
Market breadth was negative on the BSE with 1,049 losers and 254 gainers.
Meanwhile, European markets continued to remain in the red. FTSE 100 was down 1.83 per cent, CAC 40 fell 2.37 per cent and DAX was down 1.46 per cent.