makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 21 .03.2011 MONDAY

WERE TODAY'S GAINERS

MARKET ENDED 21.03.2010 MONDAY

SENSEX 17839.05 -39.76

NIFTY 5364.75 -08.95

NASDAQ 2643.67 +07.62

S&P 500 1279.20 +05.48

UPDATEDTIME 09.28 PM 21 MARCH 2011

Indian market ended a lackluster session little-changed as traders stayed away on expectations of further correction in coming sessions, said dealers.

There have been concerns of spike in inflation and further interest rate hike as crude oil prices surged higher following attack on Libya by the US and allies. The unrest in the middle-east continued with pro-democracy protests in Bahrain, Yemen and Syria.

Oil prices rose by $2 a barrel and Brent crude for May was at over $116 per barrel while U.S. crude for April rose above $103 per barrel. However, the global markets witnessed buying activity discounting the middle-east unrest and rate hike by China.

Bombay Stock Exchange's Sensex ended at 17839.05, down 39.76 points or 0.22 per cent. The 30-share index touched a high of 18007.73 and low of 17792.17 in today's trade.

National Stock Exchange's Nifty closed at 5364.75, down 8.95 points or 0.17 per cent. The broader index touched a low of 5348.20 and high of 5413.30 intraday.

"The market tried several times to surpass the level of 5540 during the week but it failed, which is an indication of strong supply at constant level and may result into one more round of "Impulse wave" if it breaks and sustains below the level of 5360.

On the lower side, we may expect maximum 5240 with a minor support at 5320. On the higher side, the market has an immediate resistance at 5420 and above that 5435. A close above 5435 should be positive for the short term.

Sectors specific like auto, metals and IT turned weak and may help to drag down the sentiment of the market in next couple of days. World markets are not in good shape and especially US markets have already entered into time wise correction that may keep the sentiment volatile.

BSE Midcap Index was down 0.27 per cent and BSE Smallcap Index moved 0.29 per cent lower.

Amongst the sectoral indices, BSE Realty Index was down 0.92 per cent lower, BSE IT Index was down 0.73 per cent and BSE Capital Goods Index declined 0.32 per cent. BSE Healthcare Index moved 0.15 per cent higher and BSE Bankex gained 0.04 per cent.

Ranbaxy Laboratories (-6.81%), Hindalco Industries (-3%), Ambuja Cement (-2.91%), Reliance Power (-2.47%) and Maruti (-2.30%) were the top Nifty losers.

Shares of Ranbaxy Laboratories were witnessing selling pressure after reports that US-based Mylan Laboratories has sued US FDA for allowing Ranbaxy to launch a generic version of Lipitor.

SAIL (2.40%), Jindal Steel (2.28%), Sun Pharma (2.12%), M&M (2.01%) and Suzlon Energy (1.65%) were the top gainers.

Steel Authority of India is likely to file a draft prospectus with the SEBI for upto $1.9 billion share sale in May.

Market breadth was negative on the NSE with 1696 losers as compared to 1178 gainers.

The US markets are also likely to open with a gap-up. At 5:15 pm IST, Dow Jones futures was up 0.94 per cent, S&P 500 moved 1.17 per cent higher and Nasdaq moved 1.26 per cent up.