makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 03.02.2011 THURSDAY

Thursday, February 3, 2011

MARKET ENDED 03.02.2011 THURSDAY

WERE TODAY'S GAINERS

MARKET ENDED 03.02.2010 THURSDAY

SENSEX 18449.31 +358.68

NIFTY 5526.75 +94.75

INR-USD 45.99 -00.23

FTSE 5982.39 -17.68

UPDATEDTIME 09.28 PM 03 FEB 2011

Equities ended comfortable above intermediate resistance levels on the back of strong short covering rally. Rising food inflation and weak European markets were discounted by traders. According to experts the market may continue to rally for next few sessions and then turn rangebound ahead of budget.

Indices had a sluggish in absence of cues from Asian peers which were shut on account of the Lunar New Year. However, the bulls came back in action and helped take the indices to higher levels.

Market ignored food inflation which soared to 17.05 per cent for the week ended January 22, up 1.48 per cent, from 15.57 per cent in the previous week.

Bombay Stock Exchange’s Sensex ended at 18449.31, up 358.69 points or 1.98 per cent. The 30-share index touched a low of 18064.61 and high of 18466.21 in trade so far.

National Stock Exchange’s Nifty closed at 5526.75, up 94.75 points or 1.74 per cent. The 50-share index touched a low of 5418 and high of 5532.65 in trade so far.
The rally was on expected lines but the important this is whether it manages to hold gains in tomorrow’s trade. This rally can continue upto 5650-5700 levels where supply may come in. People are cautious due to tight liquidity as foreign instititutional investors are expected to withdraw funds for at least next 2-3 months.

We are not expecting a pre-budget rally. However, post budget we may see some umove in the market.

BSE Midcap Index was up 1.09 per cent and BSE Smallcap Index gained 1.21 per cent.

Amongst the sectoral indices, BSE Realty Index moved 3.93 per cent higher, BSE Capital Goods Index rose 2.51 per cent and BSE Metal Index gained 2.19 per cent.

DLF (7.42%), Jaiprakash Associates (6.06%), Bharti Airtel (5.12%), Hindalco (4.62%) and Tata Motors (4.08%) were the top Sensex gainers.

Bajaj Auto (-0.51%) was the only loser.

Market breadth was positive on the BSE with 1763 gainers against 1037 losers.