makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 08.04.2011 FRIDAY WEEKEND

WERE TODAY'S GAINERS IN CHOPPY MARKET

MARKET ENDED 08.04.2010 FRIDAY

SENSEX 19451.45 -139.73

NIFTY 5842.00 -43.70

NASDAQ 2793.73 -02.41

UPDATEDTIME 09.28 PM 08 APRAIL 2011

Indian markets ended in the red Friday as investors booked profits across the board after three days of range-bound session. According to dealers, rising crude oil prices and possibility of another rate hike by the Reserve Bank of India triggered the decline. Some profit booking was also due after the recent rally in the market.

"Going into the policy meeting in May, not only does a 25 basis points hike seem highly likely, the risk of a 50 basis points hike is increasing," a DBS report said. It expects the central bank to increase rates by 75 basis points by December end.

Rising crude oil prices have also been worrying investors due to escalating tension in Libya and other middle-east countries. Brent crude for May delivery rose more than $2 to $124.72 per barrel on the ICE Futures exchange.

Crude prices have shot up above $110 for the first time since September 2008 and were the main factor behind today's selling.

If crude price don't cool off, then authorities will be left with limited option but to hike the fuel as well as cooking gas prices. The government is holding its decision on fuel price hike due to election in some of the states.

Recent strong FII inflows have given significant support to the markets and this has caused the rupee to gain considerably. But in the coming days we may see rupee hitting resistance and can come down a bit. Next major event that the market is going to see is the Q4 results.

Nifty today moved below the 5850 mark and is having support at 5743. Consolidation should be taken as a positive thing as it gives an opportunity for acquiring stocks at lower levels.

National Stock Exchange's Nifty ended at 5842, down 43.70 points or 0.70 per cent. The broader index touched a high of 5926.95 and low of 5822 in today's trade.

Bombay Stock Exchange's Sensex closed at 19451.45, down 139.73 points or 0.71 per cent. The 30-share index hit a high of 19697.21 and low of 19388.42 intraday.

BSE Midcap Index slipped 1.25 per cent lower and BSE Smallcap Index declined 1.40 per cent.

Amongst the sectoral indices, BSE Realty Index was down 2.52 per cent, BSE Auto Index fell 1.87 per cent and BSE Oil&gas Index declined 1.33 per cent. BSE FMCG Index gained 0.39 per cent and BSE Capital goods Index edged 0.15 per cent higher.

Jaiprakash Associates (-3.87%), DLF (-3.61%), Reliance Capital (-3.29%), Reliance Power (-3.28%) and Hindalco Industries (-3.26%) were the top Nifty losers.

ITC (1.48%), Bharti Airtel (1.37%), Cairn India (0.89%), L&T (0.86%) and Axis Bank (0.81%) were the top gainers.

Market breadth was negative on the NSE with 1035 advances against 1914 declines.