Monday, March 28, 2011

MARKET ENDED 28.03.2011 MONDAY

WERE TODAY'S GAINERS
















MARKET ENDED 28.03.2010 MONDAY

SENSEX 18943.14 +127.50

NIFTY 5687.25 +33.00

NASDAQ 2643.67 +07.62

UPDATEDTIME 09.28 PM 28 MARCH 2011

Benchmarks extended winning streak for fifth consecutive session and ended near psychological resistance levels led by gains in auto, banks and capital goods space.

According to analysts factors like tension in the middle-east, euro zone worries and radiation scare in Japan are likely to keep the bulls under check. The upmove is also seen as short-covering rally ahead of March series expiry.

"With the fundamental story unchanged, we do not expect the rally to cross earlier highs. We maintain our preference for banks, metals and telecoms.

Bombay Stock Exchange's Sensex closed at 18943.14, up 127.50 points or 0.68 per cent. The 30-share index touched a high of 19024.18 and low of 18799.57 in today's trade.

National Stock Exchange's Nifty ended at 5687.25, up 33 points or 0.58 per cent. The broader index touched a high of 5709.10 and low of 5643.20 intraday.

After trading in the band of 17470/5233 on the downside and 18737/5608 on the upside since the past six weeks, the indices have closed well above the upper range of the band. On the daily Sensex charts, prices tested the upper trendline of the pattern, which now resembles Ascending Triangle whereas in the Nifty Daily chart it has given a breakout of the said pattern.

The two consecutive trading sessions with upward Gaps reflect continuation of the up-move. At present immediate resistance is at the rising 200-day SMA which is at 18950/5689 levels. Any close above this level would see the indices testing 19340 - 19575/5800 - 5874 levels. On the downside, 18453 - 18199 5545 - 5470 may act as a support for the week.

BSE Midcap Index was up 0.42 per cent and BSE Smallcap Index edged 0.12 per cent higher.

Amongst the sectoral indices, BSE Auto Index was up 1.52 per cent, BSE Capital Goods Index gained 1.27 per cent and BSE Bankex advanced 1.21 per cent. BSE Healthcare Index was down 1.17 per cent and BSE Realty Index declined 0.56 per cent.

Tata Motors (3.25%), Bharti Airtel (2.57%), L&T (2.56%), Reliance Infrastructure (1.76%) and Maruti (1.69%) were the top Sensex gainers.

Reliance Infrastructure has withdrawn proposal for internal reorganization of some of its businesses and its 100% owned subsidiaries. "There is no impact on the profitability or business," the company said in a statement.

Jaiprakash Associates (-2.16%), Reliance Communications (-1.50%), Sterlite Industries (-0.89%), Infosys Technologies (-0.71%) and DLF (-0.66%) were amongst the losers.

Market breadth was negative on the BSE with 1243 advances against 1724 declines.

Meanwhile, the European markets pared some of the intraday gains and the Wall Street futures indicated a positive start. At 5 pm IST , Dow Jones futures was up 0.10 per cent, S&P 500 advanced 0.12 per cent and Nasdaq moved 0.29 per cent higher.

Regards

RAKESH MAKIN

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