makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 18 MARCH 2011 FRIDAY

WERE SENSEX GAINERS ONLY

MARKET ENDED 18.03.2010 FRIDAY

SENSEX 17878.81 -271.06

NIFTY 5373.70 -72.95

NASDAQ 2644.37 +08.32

S&P 500 1281.20 +07.48

NIKKEI 9206.75 +244.08

UPDATEDTIME 09.28 PM 18 MARCH 2011

Markets closed near psychological support levels Friday as investors booked profits in index heavy-weight Reliance Industries on reports of concerns of fall in gas production. All the sectoral indices ended in the red with oil&gas, auto and realty leading the decline.

According to reports Reliance Industries has informed Directorate General of Hydrocarbons that production of natural gas and crude oil could drop further. The oil&gas major is expecting production as low as 38 mmscmd during the 2012-13 fiscal from D1 and D3 fields in the block which is below the current rate of sales which has dropped to around 43-44 mmscmd from these fields.

Meanwhile, Reliance Industries released statement to the stock exchanges stating, "Reliance Industries has ongoing discussions, consultation and correspondence with the Director General of Hydrocarbons in respect of regulatory compliance, technical reviews and finalisation of work program and budgets for the future years.
RIL makes the necessary disclosures of actual production from its domestic oil and gas segment in its quarterly financial releases."
The projected production figures referred to in the media are purely provisional and indicative and are subject to such variations as may emerge during the actual operations in the future years. These variations can be on account of physical inputs, work program as well as geological and reservoir complexity.

National Stock Exchange's Nifty ended at 5373.70, down 72.95 points or 1.34 per cent. The broader index touched a low of 5366.40 and high of 5483.05 in today's trade.

Bombay Stock Exchange's Sensex closed at 17878.81, down 271.06 points or 1.49 per cent. The 30-share index touched a low of 17849.53 and high of 18259.61 intraday.

"The market is still in the range and is forming descending triangle on an intraday basis, which is an indication of more pain for traders. Because the market has broken an important level of 5460 for a several times, we would like to shift our focus from it to 5408 and on the higher side of 5537. In case the market comes down to 5408 level, we would ask to initiate long positions around it with a tight stop loss at 5400.

Below the level of 5400 the market may fall again to 5230 levels with a support at 5330. On the higher side, selling is advisable around 5515/5520 with a stop loss at 5540. A close above 5565 will lift the market to 5700 .

BSE Midcap Index was down 0.43 per cent and BSE Smallcap Index moved 0.78 per cent lower.

BSE Oil&gas Index fell 2.67 per cent, BSE Auto Index was down 2.01 per cent and BSE Realty Index slipped 1.65 per cent.

Reliance Infrastructure (-3.87%), Reliance Industries (-3.71%), M&M (-3.31%), HDFC (-2.57%) and Hero Honda (-2.35%) were the top Sensex losers.

Tata Steel (0.26%) and Tata Power (0.17%) were the only gainers.

Market breadth was negative on the BSE with 1801 declines against 1048 advances.