makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 16.05.2011 MONDAY

Monday, May 16, 2011

MARKET ENDED 16.05.2011 MONDAY

WERE TODAY'S GAINERS

MARKET ENDED 16.05.2010 MONDAY

SENSEX 18345.03 -186.25

NIFTY 5499.00 -45.75

NASDAQ 2817.73 -10.74

UPDATEDTIME 09.28 PM 16 MAY 2011

Indian markets ended near day's lows as weak cues from global peers and inflation data back home hurt sentiments. India's inflation for the month of April rose to 8.66 per cent against 9.04 per cent in March.

There are concerns in the market that any possible hike in diesel prices, following a hike of Rs 5 per litre in petrol, will further increase inflationary pressure. Rate sensitive sectors were under pressure on worries of further interest rate hike by the Reserve Bank of India.

"India's April WPI headline inflation "eased" as we had predicted to 8.7% y-o-y (vs. 9% in March), which was above consensus. While food inflation slowed, energy prices rose and core inflation remained sticky-high. The change in inflation dynamics brings permanence to the upward pressures and calls for continued RBI tightening, with the next rate hike coming at the June meeting.

National Stock Exchange's Nifty closed at 5499, down 45.75 points or 0.83 per cent. The broader index touched a high of 5541.80 and low of 5487.65 intraday.

Bombay Stock Exchange's Sensex ended at 18345.03, down 186.25 points or 1.01 per cent. The 30-share index hit a high of 18492.68 and low of 18319.88 in today's trade.

BSE Midcap Index was down 0.77 per cent and BSE Smallcap Index moved 0.74 per cent lower.

Amongst sectoral indices, BSE Realty Index fell 1.47 per cent, BSE Metal Index declined 1.45 per cent and BSE Bankex slipped 1.18 per cent. BSE Healthcare Index was up 0.93 per cent.

Jaiprakash Associates (-3.20%), Bajaj Auto (-2.72%), M&M (-2.71%), Tata Steel (-2.64%) and DLF (-2.58%) were the major Sensex losers.

Jaiprakash Associates reported net profit of Rs 301.95 crores for the quarter ended March 31, 2011 as compared to Rs 243.97 crores a year ago. Total income increased to Rs 4074.62 crores from Rs 3358.38 crores a year ago.

Hero Honda (3.87%), BHEL (0.93%), Bharti Airtel (0.83%) and TCS (0.01%) were the only index gainers.

Market breadth was negative on the BSE with 1713 losers against 1052 gainers.

Meanwhile, the European markets were under pressure on concerns of sovereign-debt crisis and the futures indicated a negative start on the Wall Street. At 4:30 pm IST, Dow Jones futures was down 0.41 per cent, S&P 500 was 0.43 per cent lower and Nasdaq edged 0.22 per cent down.