makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 07.10.2010THURSDAY

Thursday, October 7, 2010

MARKET ENDED 07.10.2010THURSDAY

WERE TODAYS GAINERS

MARKET ENDED 07.10.2010 THURSDAY

SENSEX 20315.32 -227.76

NIFTY 6120.30 -66.15

NASDAQ 2382.34 +01.68

S&P 500 1157.10 +02.87

HANG SENG 22884.32 +03.91

FTSE 5662.13 -19.26

Markets ended sharply lower on Thursday after fund-based selling intensified in the last one and half hour of trade. Losers included stocks from realty, metals and capital goods space.
Benchmarks have been moving sideways for the past few sessions as bulls seem to have run out of steam after the sharp rally recently. According to experts, fundamentals of the Indian economy are robust and investors should use such profit booking sessions to take long positions.
If the GDP grows at 9 per cent, the large-caps will grow at 20 per cent. Premium valuations are justified on the back of strong and sustainable growth. In medium to long term, there is possibility of explosion driven by reforms in airlines, multi-brand retail and financial sector.

Rollout of nuclear power and infrastructure projects are expected to come out for bidding in second half which is again positive. GST and DTC are some of the bold tax reforms to be implemented in coming year which will help boost governance and GDP.
National Stock Exchange’s Nifty ended at 6120.30, down 66.15 points or 1.07 per cent. The index touched intra-day low of 6107.50 and high of 6199.45 in today’s trade.

Bombay Stock Exchange’s Sensex ended at 20315.32, down 227.76 points or 1.11. The 30-share index hit an intraday low of 20272.77 and high of 20581.29.

BSE Midcap Index ended 0.68 per cent lower and BSE Smallcap Index was down 0.89 per cent.

Tata Steel (-4.36%), Sesa Goa (-3.30%), Reliance Infrastructure (-3.13%), IDFC (-3.07%) and DLF (-3.05%) led the Sensex decline.

Tata Power (2.12%), Cipla (1.80%), Dr Reddy’s Laboratories (1.14%), Bharti Airtel (0.82%) and Hero Honda (0.78%) were amongst the top gainers.

Market breadth was negative on the NSE with 1,933 losers against 1,339 gainers.