makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 28.10.2010 THURSDAY

Thursday, October 28, 2010

MARKET ENDED 28.10.2010 THURSDAY

Last Day of October F&O Series

MARKET ENDED 28.10.2010 THURSDAY

SENSEX 19941.04 -64.33

NIFTY 5987.70 -24.95

NASDAQ 2499.88 -11.35

DJIA 10060.06 -03.38

S&P 500 1182.11 +00.34

HANG SENG 23210.86 +46.28

UPDATEDTIME 09.28 PM 28 OCT 2010

Indian markets ended a volatile session in the red on the last day of October F&O series, extending losses for the third straight session. All sectoral indices, except auto, ended lower as investors discounted positive cues from Europe and dip in annual food inflation for the week ended October 16.

Market gave away most of the early gains after a strong opening and turned choppy as traders squared off F&O positions. A brief pull-back in the afternoon was followed by intense selling in the last half hour taking benchmarks below psychological levels.

Bombay Stock Exchange’s Sensex closed at 19,941.04, down 64.33 points or 0.32 per cent. The 30-share index touched intraday low of 19,869.32 and high of 20,185.46.

National Stock Exchange’s Nifty ended at 5,987.70, down 24.95 points or 0.41 per cent. The index touched intraday low of 5,968.10 and high of 6,071.10.
We are bullish on the market despite the Nifty slipping below support of 5980. Lot of long positions got rolled over, hence one shouldn’t look at the 100-points intraday fall on the Nifty very seriously. We are expecting 6200 on Nifty in the beginning of next series.

BSE Midcap Index was down 0.64 per cent and BSE Smallcap Index declined 0.53 per cent.

BSE Realty Index was down 1.72 per cent, BSE Power Index fell 1.08 per cent and BSE Metal Index slipped 0.85 per cent. BSE Auto Index was up 0.25 per cent.

Sensex losers were Jaiprakash Associates (-2.24%), DLF (-2.22%), NTPC (-1.79%), Tata Steel (-1.57%) and Sterlite Industries (-1.50%).

Bharti Airtel (2.62%), Hero Honda (2.20%), HDFC (1.88%), HDFC Bank (0.74%) and Tata Power (0.65%) were amongst the top gainers.

Shares of Bharti Airtel moved higher on reports that the company is interested in buying the yet-to-be-launched Indian wireless broadband business of Qualcomm.

Market breadth was negative on the BSE with 1,167 gainers compared to 1,770 declines.

Meanwhile, India's annual food inflation fell to 13.75 per cent for the week ended October 16, from 15.53 per cent in the previous week.

European markets moved higher on the back of commodities. US markets are likely to open higher, as well. At 5 pm IST , Dow Jones futures was up 0.13 per cent, S&P 500 moved 0.14 per cent higher and Nasdaq gained 0.11 per cent.