makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 21.05.2010 FRIDAY

Saturday, May 22, 2010

MARKET ENDED 21.05.2010 FRIDAY

were only gainers

MARKET ENDED 21.05.2010 FRIDAY

SENSEX 16445.61 -74.07

NIFTY 4931.15 -16.45

NASDAQ 2229.04 +25.03

DJIA 10193.39 +125.38

RS/$ 46.95 -00.20

Indices recovered most of intraday losses but still ended in the red Friday, on concerns over the Eurozone debt crisis hurting global sentiments. All the sectoral indices were in the red, with power, realty and capital goods worst hit.
Benchmarks opened with a gap-down taking cues from the US peers which witnessed panic sell-off. Some buying near the support levels helped the indices pull-back. Subdued European markets also provided support towards the end of the session.
Analysts are expecting more downside in the coming sessions. “Had the Nifty closed above 4980-4960 levels it would have forced traders to cover their short positions. The outlook remains bearish as shorts are still being carried. One can short Nifty at 4870 with stoploss of 4950 for a target of 4780.
National Stock Exchange’s Nifty closed at 4931.15, down 16.45 points or 0.33 per cent. The index touched intraday low of 4842.30 and high of 4946.70.
Bombay Stock Exchange’s Sensex ended at 16445.61, down 74.07 points or 0.45 per cent. The 30-share index hit low of 16187.03 and high of 16486.74 in today’s trade.
BSE Midcap Index was down 1.30 per cent and BSE Smallcap Index slipped 1.47 per cent.
Amongst the sectoral indices, BSE Power Index fell 1.73 per cent, BSE Realty Index moved 1.65 per cent lower and BSE Capital Goods Index declined 1.50 per cent.
Stocks like Lupin, Dr Reddy’s and Adani Enterprises are looking strong. Banks and capital goods space look weak and traders should use sell on rise strategy in these sectors.
NTPC (-3.94%), Hindalco (-3.29%), HUL (-3.21%), Tata Power (-2.35%) and Siemens (-2.27%) led the Nifty decline.
Gainers included Mahindra & Mahindra (3.70%), ITC (2.90%), GAIL (2.80%), Maruti (2.63%) and Bharti Airtel (2.52%).
ITC posted standalone net profit of Rs 1028.22 crore for the fourth quarter ended March 31, 2010, up from Rs 808.99 crore for the corresponding quarter of 2009. Net sales was at Rs 5053.79 crore, compared with Rs. 3891.81 crore for the same quarter last year.
Market breadth was negative on the NSE with 2,112 declines and 834 advances.