makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 21.10.2010 THURSDAY

Thursday, October 21, 2010

MARKET ENDED 21.10.2010 THURSDAY

MARKET ENDED 21.10.2010 THURSDAY

SENSEX 20260.58 +388.43

NIFTY 6101.50 +119.40

NASDAQ 2461.63 +04.24

DJIA 11176.61 +68.64

S&P 500 1184.83 +06.66

HANG SENG 23649.48 +92.98

UPDATEDTIME 09.48 PM 21 OCT 2010

Equities staged a comeback after four sessions of profit booking and ended near psychological resistance levels Thursday. Sustained buying from foreign investors and bout of short-coverings helped the frontline stocks outperform the broader markets.
Indices opened on a firm note as risk appetite was back at lower levels. The market got support from index heavy-weights like Reliance Industries, State Bank of India and Bharti Airtel.
Cash-based buying along with bout of short coverings in early session triggered a pull-back in the market. The rally will continue in coming days and Nifty may test 6300. One needs to turn cautious if the Nifty PCR breaches 1.18 on the downside, We are bullish on Bharti Airtel, Nagarjuna Constructions and UCO Bank .Sectorally, cement and pharma space is likely to perform well.

National Stock Exchange’s Nifty ended at 6,101.50, up 119.40 points or 2 per cent. The index touched a high of 6,113.50 and low of 5,984.90.

Bombay Stock Exchange’s Sensex closed at 20260.58, up 388.43 points or 1.95 per cent. The index touched a high of 20293.10 and low of 19886.12.

BSE Midcap Index gained 1.37 per cent and BSE Smallcap Index advanced 1.04 per cent.

BSE FMCG Index shot up 3.19 per cent, BSE Bankex jumped 2.09 per cent and BSE Oil & Gas Index gained 2.03 per cent.

Gainers included Hindalco (5.05%), Bharti Airtel (5.03%), Hindustan Unilever (3.95%), ITC (3.65%), Cipla (3.59%), SBI (3.29%) and Reliance Industries (2.91%).

NTPC (-0.12%) was the only index loser.

Market breadth was positive on the NSE with 1,874 advances against 1,077 declines.

European markets were higher on the back of positive results and US stock futures were poised for a good start. At 5 pm IST , Dow Jones futures moved up 0.43 per cent, S&P 500 futures gained 0.52 per cent and Nasdaq futures advanced 0.67 per cent.