makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 25.06.2010 FRIDAY

Friday, June 25, 2010

MARKET ENDED 25.06.2010 FRIDAY

were todays gainers

MARKET ENDED 25.06.2010 FRIDAY

SENSEX 17574.53 -155.71

NIFTY 5269.05 -51.55

NASDAQ 2223.48 +06.06

DJIA 10143.81 -08.99

RS/$ 46.54 +00.50

Benchmarks ended near day’s lows on Friday as weak global cues dampened sentiments. Surge in index-heavy weight ONGC after the Empowered Group of Ministers hiked fuel prices failed to hold the indices higher. The correction was led by banking stocks on fears that the RBI may take steps to hike interest rates.
The EGoM approved hike of Rs 3.5 per litre in petrol, diesel prices were hiked by Rs 2 per litre, LPG cylinder prices hiked by Rs 35 per cylinder and kerosene prices were hiked by Rs 3 per litre. The oil price hike will be effective from mid-night. The government will continue to subsidise LPG. It has freed petrol prices where as diesel prices will be “ultimately” market driven.
Shares of ONGC surged 6.35 per cent, HPCL shot up 13.66 per cent, BPCL surged 12.84 per cent, Indian Oil Corporation advanced 10.39 per cent and Gail India rose 1.59 per cent.
It’s a news-driven move in OMC counters and the price hike has been already factored in. It’s a good time for traders to sell these stocks at current levels. They are fundamentally strong stocks and can be bought at lower levels.
Bombay Stock Exchange’s Sensex was at 17574.53, down 155.71 points or 0.88 per cent. The index touched a high of 17714.73 and low of 17546.73.
National Stock Exchange’s Nifty ended at 5269.05, down 51.55 points or 0.97 per cent. The broader index hit a low of 5259.90 and high of 5320.50.
Market is in overbought zone and 2-3 per cent correction is expected. 5150-5100 are good levels to enter. One can buy metal stocks at lower levels.
BSE Midcap Index was down 0.70 per cent and BSE Smallcap Index moved 0.54 per cent lower.
Amongst the sectoral indices, BSE Bankex was down 2.19 per cent, BSE Metal Index fell 1.85 per cent and BSE IT Index declined 1.42 per cent. BSE Oil&gas Index advanced 2.88 per cent and BSE Healthcare Index moved up 0.20 per cent.
Reliance Communications (2.34%), Cipla (1.87%), Reliance Industries (1.14%), Maruti Suzuki (0.92%) and NTPC (0.64%) were the top Sensex gainers.
Losers pack included Sterlite Industries (-3.25%), ICICI Bank (-3.09%), Mahindra and Mahindra (-2.81%), Wipro (-2.75%) and HDFC Bank (-2.69%).
Shares of Reliance Natural Resources ended 3.28 per cent higher after Mukesh Ambani-run Reliance Industries and his younger brother Anil-led RNRL today signed a revised gas supply agreement, a development that paves the way for government to allocate gas to Anil Ambani group's power plants
Market breadth was negative on the BSE with 1696 declines against 1148 advances.