makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 10.03.2011 THURSDAY

Thursday, March 10, 2011

MARKET ENDED 10.03.2011 THURSDAY

WERE TODAY'S SENSEX GAINERS

MARKET ENDED 10.03.2010 THURSDAY

SENSEX 18327.98 -141.97

NIFTY 5494.40 -36.60

NASDAQ 2701.85 -49.87

S&P 500 1298.41 -21.61

UPDATEDTIME 09.28 PM 10 MARCH 2011

Benchmarks ended in the negative terrain Thursday as spike in crude oil prices due to tension in Libya raised concerns of inflation and interest rate hike. While the food inflation has come down below double digit, market will be awaiting January Index of Industrial Production data for further direction.

India's food price index rose 9.52 per cent and the fuel price index climbed 9.48 per cent in the year to February 26. In the previous week, annual food and fuel inflation stood at 10.39 per cent and 12.56 per cent.

According to experts, the Indian equities look attractive at current levels and if the oil prices stabilises then the market may witness a rally.

According to most measures they are not deeply attractive, but they are certainly attractive and the froth has gone. We have had a correction - 18% or so - and in most counters, the correction has been much deeper. This was something very classical. Especially with Indian markets, every year - certainly every 18 months or so - there is a
correction of 15-25%. 2008-2009 was an exception.

So we have done that. The fundamentals are more than positive if you assume away the oil problem. I am not saying assume it away, I am just saying if the oil problem stabilises - and there are some arguments to think it will stabilise - then we have done our correction and we can look forward to a reasonable rally in the market.

Bombay Stock Exchange’s Sensex ended at 18327.98 down 141.97 points or 0.77 per cent. The 30-share index touched a low of 18261.26 and high of 18430.84 intraday.

National Stock Exchange’s Nifty was at 5494.40, down 36.60 points or 0.66 per cent. The broader index touched a low of 5468.45 and high of 5516.30 in today’s trade.
This year we do not expect such a significant fall (as in 2008). This year we expect the index to only retrace until 38.2% retracement of the Bull Run, which is 4780 i.e. a 13% fall from the current level (5520). We expect the BSE Metal index to be a key driver of the coming fall,” Shroff said.

BSE Midcap Index was down 0.07 per cent and BSE Smallcap Index moved 0.25 per cent lower.

Amongst the sectoral indices, BSE Metal Index was down 1.30 per cent, BSE Bankex moved 1.16 per cent lower and BSE IT Index slipped 0.53 per cent. BSE Realty Index was up 0.67 per cent.

Reliance Capital (4.51%), ONGC (2.51%), Suzlon Energy (1.68%), DLF (1.62%) and SAIL (1.42%) were the top Nifty gainers.

Tata Power (-2.74%), Tata Steel (-2.68%), Sesa Goa (-2.30%), Dr Reddy’s Laboratories (-2.07%) and ICICI Bank (-2.05%) were amongst the major losers.

Market breadth was negative on the NSE with 1565 declines against 1280 advances.