WERE TODAYS GAINERS
SENSEX 16557.23 +324.69
NIFTY 4979.60
+91.55
NASDAQ 2546.83 +30.14
|
UPDATEDTIME 09.28 PM 10 OCTOBER 2011
|
The 50-share
National Stock Exchange benchmark Nifty extended its rally for second straight
session on the back of renewed buying interest and short coverings in frontline
stocks.
The modest gains in global markets were ignored by investors who continued to lap up index heavy weight Reliance Industries. The scrip has soared around 9 per cent on closing basis in the past 10 sessions.
Near term resistance for Reliance Industries is in the range of Rs 851-853, which coincides with its recent highs. A significant trend reversal pattern will be confirmed only above 860 levels. Only above Rs 860, the current bearish trend will turn bullish.
According to dealers, the market is near crucial resistance levels and is likely to take cues from September quarter results and other economic data for direction. They advise caution as the indices might find it difficult to breach the resistance levels decisively.
Meanwhile, the Economic Times Intelligence Group is of the view that Nifty companies are likely to report earnings fall for the quarter ended September.
The aggregate net profit of companies in the Nifty 50 - all industry heavyweights - is expected to drop 1.7% year-on-year in the quarter to September 2011, though revenue is likely to grow 19.4%,.
Cement manufacturers ACC and Ambuja Cements, auto maker Maruti Suzuki, metal manufacturers SAIL and Sterlite Industries (India), real estate firm DLF, and telecom companies Bharti Airtel and Reliance Communications are expected to post a double-digit decline in net profit compared with a year-ago.
The Nifty closed at 4979.60, up 91.55 points or 1.87 per cent. It touched an intraday low of 4882.05 and high of 4991.15.
The Bombay Stock Exchange's Sensex closed at 16557.23, up 324.69 points or 2 per cent. The broader index touched a high of 16595.93 and low of 16230.77 in trade today.
"The week is likely to witness a range of 5050 on the upside as long as the Nifty stays above the bullish pivot at the 4850 mark. In case of declines, the Nifty is likely to test a level of 4600 as long as the bears keep the Nifty below the 4800 levels.
The area between 4800 - 4850 is likely to be no mans land and traders should shun new positions as long as the Nifty remains range bound within these parameter.
BSE Midcap Index was up 1.36 per cent and BSE Smallcap Index moved 0.97 per cent higher.
Shares of telecom service providers were abuzz after Telecom Minister Kapil Sibal unveiled the draft of New Telecom Policy. As per the draft, telecom users will be able to avail free roaming and keep their phone numbers even if they switch service providers anywhere in the country.
The distinction between local and STD calls would vanish, as the policy aims at a 'one-nation-one-licence' regime. Telecom operators would not require separate licences for operations in various parts of the country and a single licence would suffice.
Bharti Airtel was up 2.38 per cent, Idea Cellular gained 2.33 per cent, Reliance Communications moved up 1.72 per cent and Tata Teleservices Maharashtra surged 3.63 per cent.
Amongst the sectoral indices, BSE Realty Index was up 3.22 per cent, BSE IT Index moved 2.85 per cent higher and BSE Oil&gas Index advanced 2.72 per cent. BSE Healthcare Index edged 0.06 per cent lower.
Tata Motors (6.47%), Sesa Goa (5.51%), Tata Power (5.29%), DLF (4.84%), IDFC (4.81%) and Reliance Industries (3.25%) were the major Nifty gainers.
Maruti Suzuki (-3.79%), Jindal Steel (-1.70%), Sun Pharma (-1.30%), Cipla (-0.98%) and Siemens (-0.70%) were amongst the major losers.
Maruti Suzuki India has dismissed 10 workers, terminated five trainees and suspended 10 employees as India's largest car manufacturer struggled to reassert control over its Manesar factory, which has been virtually under the control of striking workers since Friday evening.
L&T is in discussions with Japanese conglomerates to sell stake in its fully owned subsidiary, L&T Infotech. The firm is in discussions with firms such as Hitachi, Mitsubishi and Fujitsu.
Market breadth was positive on the NSE with 1937 gainers against 1354 losers.
The modest gains in global markets were ignored by investors who continued to lap up index heavy weight Reliance Industries. The scrip has soared around 9 per cent on closing basis in the past 10 sessions.
Near term resistance for Reliance Industries is in the range of Rs 851-853, which coincides with its recent highs. A significant trend reversal pattern will be confirmed only above 860 levels. Only above Rs 860, the current bearish trend will turn bullish.
According to dealers, the market is near crucial resistance levels and is likely to take cues from September quarter results and other economic data for direction. They advise caution as the indices might find it difficult to breach the resistance levels decisively.
Meanwhile, the Economic Times Intelligence Group is of the view that Nifty companies are likely to report earnings fall for the quarter ended September.
The aggregate net profit of companies in the Nifty 50 - all industry heavyweights - is expected to drop 1.7% year-on-year in the quarter to September 2011, though revenue is likely to grow 19.4%,.
Cement manufacturers ACC and Ambuja Cements, auto maker Maruti Suzuki, metal manufacturers SAIL and Sterlite Industries (India), real estate firm DLF, and telecom companies Bharti Airtel and Reliance Communications are expected to post a double-digit decline in net profit compared with a year-ago.
The Nifty closed at 4979.60, up 91.55 points or 1.87 per cent. It touched an intraday low of 4882.05 and high of 4991.15.
The Bombay Stock Exchange's Sensex closed at 16557.23, up 324.69 points or 2 per cent. The broader index touched a high of 16595.93 and low of 16230.77 in trade today.
"The week is likely to witness a range of 5050 on the upside as long as the Nifty stays above the bullish pivot at the 4850 mark. In case of declines, the Nifty is likely to test a level of 4600 as long as the bears keep the Nifty below the 4800 levels.
The area between 4800 - 4850 is likely to be no mans land and traders should shun new positions as long as the Nifty remains range bound within these parameter.
BSE Midcap Index was up 1.36 per cent and BSE Smallcap Index moved 0.97 per cent higher.
Shares of telecom service providers were abuzz after Telecom Minister Kapil Sibal unveiled the draft of New Telecom Policy. As per the draft, telecom users will be able to avail free roaming and keep their phone numbers even if they switch service providers anywhere in the country.
The distinction between local and STD calls would vanish, as the policy aims at a 'one-nation-one-licence' regime. Telecom operators would not require separate licences for operations in various parts of the country and a single licence would suffice.
Bharti Airtel was up 2.38 per cent, Idea Cellular gained 2.33 per cent, Reliance Communications moved up 1.72 per cent and Tata Teleservices Maharashtra surged 3.63 per cent.
Amongst the sectoral indices, BSE Realty Index was up 3.22 per cent, BSE IT Index moved 2.85 per cent higher and BSE Oil&gas Index advanced 2.72 per cent. BSE Healthcare Index edged 0.06 per cent lower.
Tata Motors (6.47%), Sesa Goa (5.51%), Tata Power (5.29%), DLF (4.84%), IDFC (4.81%) and Reliance Industries (3.25%) were the major Nifty gainers.
Maruti Suzuki (-3.79%), Jindal Steel (-1.70%), Sun Pharma (-1.30%), Cipla (-0.98%) and Siemens (-0.70%) were amongst the major losers.
Maruti Suzuki India has dismissed 10 workers, terminated five trainees and suspended 10 employees as India's largest car manufacturer struggled to reassert control over its Manesar factory, which has been virtually under the control of striking workers since Friday evening.
L&T is in discussions with Japanese conglomerates to sell stake in its fully owned subsidiary, L&T Infotech. The firm is in discussions with firms such as Hitachi, Mitsubishi and Fujitsu.
Market breadth was positive on the NSE with 1937 gainers against 1354 losers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
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