WERE GAINERS TODAY 
MARKET ENDED 18.10.2010 MONDAY
SENSEX 20168.89 +43.84
NIFTY 6075.95 +13.30
NASDAQ 2429.94 -11.29
S&P 500 1171.30 +06.80
| HANG SENG 23852.17 +394.48 FTSE 5727.21 -20.14 UPDATEDTIME 10.00 PM 18 OCT 2010 |
Indian stock market benchmarks pared intraday losses and ended in the positive terrain Monday as investors bought index heavyweights from oil&gas and IT space.
Market opened for trade at 9:15 am after pre-market call auction was implemented for the first time by the stock exchanges regulator SEBI . The move is to control the volatility in stocks and indices in event of developments that take place during off-markets hours.
Under this method, between 9 AM to 9:08 AM, it is the time for order entry, order modification and order cancellation. Post this period, there is no chance for either cancellation or modification of orders. Between 9:08 AM to 9:12 AM, it is the time for order matching and trade confirmation. On the basis of order book that got built-up upto 9:08 AM, the orders get matched and trades get confirmed.
According to analysts, the opening of India’s biggest-ever IPO of Coal India also kept the markets subdued for major part of the day. Today was the last day for foreign investors to raise funds for the issue by lightening their portfolios.
Some last-minute buying in oil & gas majors like ONGC and Reliance Industries spiked the benchmarks. Mukesh Ambani, chairman, Reliance Industries, has shown interest in bidding for oil and gas exploration blocks under the 9th New Exploration Licensing Policy (NELP). Last date for bidding for blocks offered under NELP-IX is March 18, 2011.
National Stock Exchange’s Nifty closed at 6075.95, up 13.30 points or 0.22 per cent. The broader index touched intraday low of 5985.10 and high of 6115.10.
Bombay Stock Exchange’s Sensex ended at 20,168.89, up 43.84 points or 0.22 per cent.The 30-share index touched a low of 19,870.51 and high of 20,229.39 in today’s trade.
On the weekly basis, the market has formed hammer sort of pattern, which is an indication of profit taking. We may expect further weakness if the market sustains below the level 6050/20090.
As per Fibonacci ratios, the market has next major support at 5930/19700. We may expect support around the same as the past rally was broad based between 5350 and 6285 (17820/20850).
We are of the opinion that be a buyer in a select stocks if the market comes down to 5930/5950 levels in the current week. In case the market reverses upward without breaking 6050 then one can look for exiting out of pending long position at major hurdles like 6110/20270 and 6140/20370.
BSE Midcap Index slipped 0.47 per cent and BSE Smallcap Index moved 0.15 per cent lower.
Amongst the sectoral indices, BSE IT Index gained 1.28 per cent, BSE Oil&gas Index moved 0.84 per cent higher and BSE Realty Index advanced 0.72 per cent.
HCL Tech (3.57%), TCS (3.44%), Suzlon (2.87%), ONGC (2.14%) and Reliance Industries (1.99%) were the top Nifty gainers.
Losers included ACC (-2.64%), Tata Power (-2.58%), Maruti (-1.81%), Jaiprakash Associates (-1.65%) and Cipla (-1.60%).
Market breadth was negative on the NSE with 1879 losers against 1413 advances.
Meanwhile, European markets were in the red and Wall Street is seen following suit. At 4:30 pm IST, Dow Jones futures was down 0.28 per cent, S&P 500 slipped 0.29 per cent and Nasdaq declined 0.11 per cent.
Regards
RAKESH MAKIN
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PANCHKULA (Haryana).
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