SENSEX 18109.89 -204.44
NIFTY 5456.55
-60.25
NASDAQ 2714.40 -30.21
|
UPDATEDTIME 09.28 PM 02 AUGUST
2011
|
Indian
markets witnessed a sharp sell-off, in line with other global peers, and closed
near support levels after slow-down in manufacturing growth in the US and China
hurt sentiments.
Back home, the Prime Minister's Economic Advisory Council lowered India's GDP growth projection to 8.2 per cent from 9 per cent due to weak global economy.
According to analysts, the market is likely to remain rangebound with downward bias and will depend on global cues and government's stand on policy reforms.
It is expected that the government many introduce reform bills this monsoon session. There are reports that a Group of Ministers may discuss the draft policy on urea price decontrol next week.
"The government has shown its intent on proceeding with the long-pending reforms. Several issues are on the anvil - FDI in multi-brand retail, Land Acquisition Act, Mining Act, Banking Regulations Act, Pension Reforms, among others.
The fuel prices have been partially de-regulated already and FDI limit in FM radio has been increased. We are also seeing the decision making process pick up steam, of late.
Overall, we feel that quick action on fiscal side and fall in crude prices will be the pre-requisites for the markets to sustain current levels and move up in the medium - to - long term.
Bombay Stock Exchange's Sensex closed at 18109.89, down 204.44 points or 1.12 per cent. The 30-share index touched intraday low of 18037.87 and high of 18283.55.
Citigroup has downgraded Sensex EPS to 21.1 per cent from 24 per cent and Credit Suisse is of the view that India's earnings season has largely been disappointing.
National Stock Exchange's Nifty ended at 5456.05, down 60.25 points or 1.09 per cent. The broader index touched a high of 5496.30 and low of 5433.65 in trade today.
We are likely to remain rangebound between 5562-5455 for the week. Due to global uncertainties the range may extend to 5410-5600 levels. Some of the banks have been beaten down badly. I would take a contrarion call and be positive on these counters from short term view.
BSE Midcap Index was down 1.53 per cent and BSE Smallcap Index moved 1.45 per cent lower.
Amongst sectoral indices BSE Realty Index was down 2.09 per cent, BSE Metal Index fell 1.83 per cent lower and BSE Bankex slipped 1.71 per cent. BSE Oil&gas Index moved 0.34 per cent higher and BSE Healthcare Index gained 0.16 per cent.
Jaiprakash Associates (-5.01%), Reliance Communications (-3.75%), Reliance Capital (-3.14%), Sesa Goa (-2.96%) and IDFC (-2.79%) were amongst the top Nifty losers.
NTPC (2.63%), Cipla (2.31%), ONGC (1.32%), Kotak Bank (0.95%) and Hero Honda (0.93%) were amongst the gainers.
Shares of sugar companies declined after commodity prices in global markets cooled down. Shree Renuka Sugars was down 4.80 per cent, Bajaj Hindusthan fell 5.99 per cent and Balrampur Chini Mills declined 4.74 per cent.
Market breadth was negative on the NSE with 2179 losers against 1021 gainers.
Back home, the Prime Minister's Economic Advisory Council lowered India's GDP growth projection to 8.2 per cent from 9 per cent due to weak global economy.
According to analysts, the market is likely to remain rangebound with downward bias and will depend on global cues and government's stand on policy reforms.
It is expected that the government many introduce reform bills this monsoon session. There are reports that a Group of Ministers may discuss the draft policy on urea price decontrol next week.
"The government has shown its intent on proceeding with the long-pending reforms. Several issues are on the anvil - FDI in multi-brand retail, Land Acquisition Act, Mining Act, Banking Regulations Act, Pension Reforms, among others.
The fuel prices have been partially de-regulated already and FDI limit in FM radio has been increased. We are also seeing the decision making process pick up steam, of late.
Overall, we feel that quick action on fiscal side and fall in crude prices will be the pre-requisites for the markets to sustain current levels and move up in the medium - to - long term.
Bombay Stock Exchange's Sensex closed at 18109.89, down 204.44 points or 1.12 per cent. The 30-share index touched intraday low of 18037.87 and high of 18283.55.
Citigroup has downgraded Sensex EPS to 21.1 per cent from 24 per cent and Credit Suisse is of the view that India's earnings season has largely been disappointing.
National Stock Exchange's Nifty ended at 5456.05, down 60.25 points or 1.09 per cent. The broader index touched a high of 5496.30 and low of 5433.65 in trade today.
We are likely to remain rangebound between 5562-5455 for the week. Due to global uncertainties the range may extend to 5410-5600 levels. Some of the banks have been beaten down badly. I would take a contrarion call and be positive on these counters from short term view.
BSE Midcap Index was down 1.53 per cent and BSE Smallcap Index moved 1.45 per cent lower.
Amongst sectoral indices BSE Realty Index was down 2.09 per cent, BSE Metal Index fell 1.83 per cent lower and BSE Bankex slipped 1.71 per cent. BSE Oil&gas Index moved 0.34 per cent higher and BSE Healthcare Index gained 0.16 per cent.
Jaiprakash Associates (-5.01%), Reliance Communications (-3.75%), Reliance Capital (-3.14%), Sesa Goa (-2.96%) and IDFC (-2.79%) were amongst the top Nifty losers.
NTPC (2.63%), Cipla (2.31%), ONGC (1.32%), Kotak Bank (0.95%) and Hero Honda (0.93%) were amongst the gainers.
Shares of sugar companies declined after commodity prices in global markets cooled down. Shree Renuka Sugars was down 4.80 per cent, Bajaj Hindusthan fell 5.99 per cent and Balrampur Chini Mills declined 4.74 per cent.
Market breadth was negative on the NSE with 2179 losers against 1021 gainers.
Regards
RAKESH MAKIN
+91 9915684997,
9041667797(DIRECT)
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
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