makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED05.05.2010 WEDNESDAY

Wednesday, May 5, 2010

MARKET ENDED05.05.2010 WEDNESDAY

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MARKET ENDED 05.05.2010 WEDNESDAY

SENSEX 17087.96 -49.18

NIFTY 5124.90 -23.60

NASDAQ 2424.25 -74.49

DJIA 10926.77 -225.06

RS/$ 44.56 -00.12

Indian equity benchmarks ended with minimum losses Wednesday, after staging a strong recovery in the last one hour of trade. IT, healthcare and pharmaceutical sectors ended with smart gains while capital goods, realty and metals ended off lows.
Indices bounced back sharply at the end of the session following recovery in the European markets. Earlier, equities opened weak in line with others peers as concerns of sovereign debt crisis in the Europe dampened sentiments.
Lack of selling after the gap-down opening forced the day-traders to cover short positions. Until the Nifty closes above 5200, the market trend is weak and the Nifty is likely to lose 200-300 points.

Bombay Stock Exchange’s Sensex ended at 17,087.96, down 49.18 points or 0.29 per cent. The index hit a low of 16858.23 and high of 17121.66
National Stock Exchange’s Nifty closed at 5124.90, down 23.60 points or 0.46 per cent. The index touched a low of 5056.50 and high of 5148.35.
BSE Midcap Index was up 0.30 per cent and BSE Smallcap Index edged 0.24 per cent lower.
Amongst the sectoral indices, BSE IT Index advanced 0.92 per cent and BSE Healthcare Index moved 0.62 per cent higher. BSE Metal Index slipped 1.07 per cent and BSE Realty Index declined 1.03 per cent.
Bharti Airtel (1.82%), BPCL (1.67%), Ranbaxy Laboratories (1.33%), Kotak Bank (1.12%) and HCL Tech (1.10%) were amongst the top Nifty gainers.
Jaiprakash Associates (-4.43%) Jindal Steel (-4.31%), Sterlite Industries (-2.91%), Reliance Infrastructure (-2.33%) and Unitech (-2.25%) led the index decline.
It will be advisable to take positions in contrarion sectors like FMCG and pharma right now. Stocks like Lupin, Glenmark, Divis Labs and ITC are likely to buck the downtrend
Market breadth was negative on the BSE with 1,717 declines against 1,144 advances and 83 stocks unchanged.
Meanwhile, European markets were in the red but off lows. US stock futures suggested another weak day of trade ahead. At 5 pm IST, Dow Jones stock futures was down 0.17 per cent, S&P 500 slipped 0.14 per cent and Nasdaq 100 declined 0.24 per cent.