makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 23.05.2011 MONDAY

WERE TODAY'S GAINERS

MARKET ENDED 23.05.2010 MONDAY

SENSEX 17993.33 -332.76

NIFTY 5386.55 -99.80

NASDAQ 2141.54 +17.78

UPDATEDTIME 09.28 PM 23 MAY 2011

Benchmarks ended at two-month low as euro-zone debt crisis triggered a sell-off in global equities. Rating agency Fitch downgraded Greece's credit rating to B+ while Standard & Poor's cut its outlook on Italy to "negative" from "stable".

Indices opened on a weak note in line with peers and slipped lower led by rate sensitive sectors as jittery investors booked profits on concerns that rising inflation may lead to another hike in interest rates.

Buying support in ITC, after the FMCG major's better-than-expected results, provided some resistance to the sector while sell-off in the BHEL counter, after earnings report, led to sharp decline in Capital Goods index.

Bombay Stock Exchange's Sensex closed at 17993.33, down 332.76 points or 1.82 per cent. The 30-share index hit a high of 18269.06 and low of 17971.02 intraday.

National Stock Exchange's Nifty ended at 5386.55, down 99.80 points or 1.82 per cent. The broader index touched intraday low of 5373 and high of 5456.70 in trade today.

"Nifty has closed at fresh two-month lows. Technically, we have breached important support level of 5400. On daily charts, we have a negative crossover between the 200 DEMA and 50 DEMA. The trend continues to remain week, with next support now seen at 5350 and 5240.Expect weakness in banking and sugar stocks to continue. FMCG stocks will continue to outperform the broader market.

BSE Midcap Index was down 1.41 per cent and BSE Smallcap Index declined 1.57 per cent.

Amongst sectoral indices, BSE Capital Goods Index fell 2.95 per cent, BSE Power Index moved 2.91 per cent lower, BSE Bankex slipped 2.85 per cent and BSE Realty Index declined 2.79 per cent. BSE FMCG Index was up 0.59 per cent.

BHEL (-6.69%), ICICI Bank (-3.61%), Reliance Infrastructure (-3.57%), Tata Motors (-3.36%) and Tata Steel (-3.30%) were the top Sensex losers.

BHEL reported standalone net profit of Rs 6011.20 crores for the year ended March 2011 against Rs 4310.64 crores during the same period a year ago. Net sales for year ended 2011 stood at Rs 41578.80 crores as compared to Rs 32880.30 crores last fiscal.

The company has recommended the disinvestment of 5 per cent of the paid up equity capital out of Government of India's shareholding, with reservation of 10 per cent of the issue for employees.

The board has also given "in-principle" approval for sub-division of equity share of face value of Rs 10 each into 5 shares o face value Rs 2 each.

GAIL (2.19%), ITC (1.98%), Siemens (0.50%), Ambuja Cement (0.38%) and BPCL (0.37%) were as the only gainers.

ITC posted net profit of Rs 1,281 crore on a lower-than-expected 15.5% rise in net sales for the quarter ended March 2011. The Kolkata-based company reported net sales of Rs 5,836 crore in the quarter.

Market breadth was negative on the BSE with 1973 declines as compared to 801 advances.

The European markets were witnessing selling pressure and the same was expected on the Wall Street. At 5:05 pm IST , Dow Jones futures was down 0.91 per cent, S&P 500 slipped 0.89 per cent and Nasdaq declined 0.94 per cent.