SENSEX 16883.92 -74.47
NIFTY 5077.85 -21.55
USD/INR 0049.12 +00.16
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UPDATEDTIME 09.28 PM 13 OCTOBER 2011
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The 50-share
National Stock Exchange benchmark Nifty ended in the negative territory as
profit booking emerged after a rally in previous session. Weak cues from
European peers also weighed sentiments.
The markets had opened on a positive note and moved higher taking cues from Asian peers. However, the bulls ran out of steam and benchmarks failed to breach important resistance levels.
According to analysts, the benchmarks are likely to consolidate in the near term and take cues from corporate earnings, domestic and global economic factors for direction.
Meanwhile, India's food inflation for the week ended October 1 declined marginally to 9.32 per cent against 9.41 per cent a week ago. The street now awaits Friday's WPI inflation data for cues on Reserve Bank of India's policy action on interest rates later this month. The central bank has made it clear that its top priority at the moment is to tame inflation which is above 9 per cent.
The Nifty ended at 5077.85, down 21.55 points or 0.42 per cent. The broader index touched a high of 5136.95 and low of 5067.65 in trade today.
The Bombay Stock Exchange's Sensex ended at 16883.92, down 74.47 points or 0.44 per cent. The index touched intraday low of 16854.03 and high of 17084.07.
The Nifty is finding it difficult to breach strong resistance levels of 5150-5170. The index can give away 33% gains of the recent upmove and slip closer to 5000 levels. The Nifty is likely to trade in a broader range of 4900-5150 with stock specific action in stocks based on earnings.
BSE Midcap Index was up 0.03 per cent and BSE Smallcap Index moved up 0.06 per cent.
BSE Auto Index was down 1.48 per cent, BSE Capital Goods Index declined 1.20 per cent and BSE Healthcare Index slipped 0.95 per cent. BSE Bankex was up 1.04 per cent, BSE IT Index moved 0.65 per cent higher and BSE Realty Index advanced 0.41 per cent.
We are bullish on banks and steel stocks. Tata Steel and SAIL are likely to move higher.
Jindal Steel (-4.77%), Hindalco Industries (-3.35%), Tata Motors (-3.18%), Ranbaxy Laboratories (-3.06%) and IDFC (-3.04%) were amongst major Nifty losers.
Shares of Jindal Steel have been reeling under pressure following production slow-down at its Vijaynagar plant due to iron ore shortage. The plant is running at 30 per cent of its installed capacity of 10 million tonnes.
Shares of Maruti Suzuki continued to slip lower due to ongoing strike at its Manesar plant.
ICICI Bank (2.24%), HCL Tech (2.10%), Tata Steel (1.81%), Cipla (1.36%) and TCS (0.96%) were amongst the major gainers.
The markets had opened on a positive note and moved higher taking cues from Asian peers. However, the bulls ran out of steam and benchmarks failed to breach important resistance levels.
According to analysts, the benchmarks are likely to consolidate in the near term and take cues from corporate earnings, domestic and global economic factors for direction.
Meanwhile, India's food inflation for the week ended October 1 declined marginally to 9.32 per cent against 9.41 per cent a week ago. The street now awaits Friday's WPI inflation data for cues on Reserve Bank of India's policy action on interest rates later this month. The central bank has made it clear that its top priority at the moment is to tame inflation which is above 9 per cent.
The Nifty ended at 5077.85, down 21.55 points or 0.42 per cent. The broader index touched a high of 5136.95 and low of 5067.65 in trade today.
The Bombay Stock Exchange's Sensex ended at 16883.92, down 74.47 points or 0.44 per cent. The index touched intraday low of 16854.03 and high of 17084.07.
The Nifty is finding it difficult to breach strong resistance levels of 5150-5170. The index can give away 33% gains of the recent upmove and slip closer to 5000 levels. The Nifty is likely to trade in a broader range of 4900-5150 with stock specific action in stocks based on earnings.
BSE Midcap Index was up 0.03 per cent and BSE Smallcap Index moved up 0.06 per cent.
BSE Auto Index was down 1.48 per cent, BSE Capital Goods Index declined 1.20 per cent and BSE Healthcare Index slipped 0.95 per cent. BSE Bankex was up 1.04 per cent, BSE IT Index moved 0.65 per cent higher and BSE Realty Index advanced 0.41 per cent.
We are bullish on banks and steel stocks. Tata Steel and SAIL are likely to move higher.
Jindal Steel (-4.77%), Hindalco Industries (-3.35%), Tata Motors (-3.18%), Ranbaxy Laboratories (-3.06%) and IDFC (-3.04%) were amongst major Nifty losers.
Shares of Jindal Steel have been reeling under pressure following production slow-down at its Vijaynagar plant due to iron ore shortage. The plant is running at 30 per cent of its installed capacity of 10 million tonnes.
Shares of Maruti Suzuki continued to slip lower due to ongoing strike at its Manesar plant.
ICICI Bank (2.24%), HCL Tech (2.10%), Tata Steel (1.81%), Cipla (1.36%) and TCS (0.96%) were amongst the major gainers.
Market breadth was flat on the BSE with 1382 gainers against 1390 losers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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