makin97 NSETIPS @ RAKESH MAKIN: MARKET ENDED 26.05.2011 THURSDAY

Thursday, May 26, 2011

MARKET ENDED 26.05.2011 THURSDAY

WERE TODAY'S GAINERS

MARKET ENDED 26.05.2010 THURSDAY

SENSEX 18044.64 +197.40

NIFTY 5412.35 +63.40

NASDAQ 2776.29 +14.91

UPDATEDTIME 09.28 PM 26 MAY 2011

Benchmarks ended above psychological support levels on the settlement day of May series as buying activity was seen in index heavy-weights after a profit booking session. Oil&gas, metals and auto led the upmove while technology and FMCG space ended with marginal losses.

Nifty ended the series 7 per cent lower and the open interest is also down 20 per cent. This indicates that the traders have booked profits and unwounded longs. Market is oversold and it may bounce back from 5300 support. Traders can adopt buy on declines strategy from current levels. Quarterly US GDP data may have some impact on the market in terms of FII inflows.

Bombay Stock Exchange's Sensex ended at 18044.64, up 197.40 points or 1.11 per cent. The 30-share index hit a high of 18072.61 and low of 17862.88 in trade so far.

National Stock Exchange's Nifty closed at 5412.35, up 63.40 points or 1.19 per cent. The broader index touched a high of 5422.20 and low of 5356.35 intraday.

BSE Midcap Index was up 0.14 per cent and BSE Smallcap Index moved 0.46 per cent higher.

Amongst sectoral indices, BSE Oil&gas Index was up 2.90 per cent, BSE Metal Index moved 1.50 per cent higher and BSE Auto Index advanced 1.49 per cent. BSE IT Index was down 0.19 per cent and BSE FMCG Index edged 0.07 per cent lower.

Hero Honda (4.43%), ONGC (4.42%), DLF (4%), Sesa Goa (2.83%) and Tata Motors (2.80%) were the major Nifty gainers.

The government has decided to supply gas at regulated rates only to a few top-priority consumers - a move that will grant Reliance Industries substantial pricing freedom and boost the government's share of revenue from the KG-D6 field when output rises.

Shares of ONGC and GAIL moved higher on anticipation that the upstream companies' subsidy sharing burden may reduce in case the government hikes fuel prices. The EGoM is likely to meet early next month to discuss oil price issue.

Reliance Capital (-3.08%), Power Grid (-1.08%), ITC (-1.06%), ACC (-0.79%) and Infosys Technologies (-0.52%) were the top losers.

Market breadth was positive on the NSE with 1534 advances against 1291 declines.