SENSEX 17480.83 -224.18
NIFTY 5257.95
-68.65
USD/INR 0049.69 -00.13
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UPDATEDTIME 09.28 PM 01 NOVEMBER 2011
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The National
Stock Exchange's Nifty ended in the negative territory for second straight
session as the announcement by Greek Prime Minister George Papandreou to hold a
referendum on latest bailout plan rattled global markets.
According to experts, the European economic crisis seems to be far from over and the markets may witness intermediate sharp pull-back rallies on the back of any positive news.
Well as far as what the European economies have got themselves into the mess that they are into is not something which is going to get sorted out anytime soon definitely not tomorrow day after next week, next month.
It is going to be a prolonged phase of perhaps I would say couple of years if not a longer. So we will keep trailing from one problem to the other and in between you may any sort of whiff of good news and we may have some sort of corrective rallies with some sort of short covering so that is what I would characterize the current rally.
He added that investors can sit on cash even now and adopt buy on declines strategy with long term horizon in mind. His advice for "brave traders" is to go short on rallies.
"It is still time to sit on large doses of cash even now. For brave traders, I would even suggest to use the bounces as shorting opportunities, not that I am a proponent of shorting.
I would definitely not be a buyer as yet, yet it is a buy on declines market from somebody who has a longer term horizon upwards of may be one and a half-two years or even longer. But I sense that the markets will give you enough of those opportunities going forward also.
The Nifty ended at 5257.96, down 68.85 points or 1.29 per cent. The broader index touched a high of 5310.85 and low of 5238.30 in trade today.
The Bombay Stock Exchange's Sensex ended at 17480.83, down 224.18 points or 1.27 per cent. The 30-share index touched intraday low of 17422.47 and high of 17661.78.
BSE Midcap Index was down 0.72 per cent and BSE Smallcap Index slipped 0.55 per cent.
All the sectoral indices ended in the red. BSE Auto Index was down 1.98 per cent, BSE Realty Index fell 1.87 per cent, BSE Bankex slipped 1.54 per cent and BSE Metal Index was 1.52 per cent lower.
ICICI Bank (-3.87%), M&M (-3.75%), Reliance Infrastructure (-3.73%), Dr Reddy's Laboratories (-3.69%), and HCL Tech (-3.55%) were amongst the major Nifty losers.
Sterlite Industries, which owns 29.5% in Vedanta Aluminum, plans to increase stake by converting Rs 8,900 crore of its loans into equity, say media reports. However, the company has termed the reports of converting loans into equity as "untrue" and added that it does not expect any change in shareholding in VAL.
Mahindra & Mahindra's reported total sales of 41,506 units in October 2011, up 20.32 per cent as compared to 34,495 units in the corresponding quarter a year ago.
According to experts, the European economic crisis seems to be far from over and the markets may witness intermediate sharp pull-back rallies on the back of any positive news.
Well as far as what the European economies have got themselves into the mess that they are into is not something which is going to get sorted out anytime soon definitely not tomorrow day after next week, next month.
It is going to be a prolonged phase of perhaps I would say couple of years if not a longer. So we will keep trailing from one problem to the other and in between you may any sort of whiff of good news and we may have some sort of corrective rallies with some sort of short covering so that is what I would characterize the current rally.
He added that investors can sit on cash even now and adopt buy on declines strategy with long term horizon in mind. His advice for "brave traders" is to go short on rallies.
"It is still time to sit on large doses of cash even now. For brave traders, I would even suggest to use the bounces as shorting opportunities, not that I am a proponent of shorting.
I would definitely not be a buyer as yet, yet it is a buy on declines market from somebody who has a longer term horizon upwards of may be one and a half-two years or even longer. But I sense that the markets will give you enough of those opportunities going forward also.
The Nifty ended at 5257.96, down 68.85 points or 1.29 per cent. The broader index touched a high of 5310.85 and low of 5238.30 in trade today.
The Bombay Stock Exchange's Sensex ended at 17480.83, down 224.18 points or 1.27 per cent. The 30-share index touched intraday low of 17422.47 and high of 17661.78.
BSE Midcap Index was down 0.72 per cent and BSE Smallcap Index slipped 0.55 per cent.
All the sectoral indices ended in the red. BSE Auto Index was down 1.98 per cent, BSE Realty Index fell 1.87 per cent, BSE Bankex slipped 1.54 per cent and BSE Metal Index was 1.52 per cent lower.
ICICI Bank (-3.87%), M&M (-3.75%), Reliance Infrastructure (-3.73%), Dr Reddy's Laboratories (-3.69%), and HCL Tech (-3.55%) were amongst the major Nifty losers.
Sterlite Industries, which owns 29.5% in Vedanta Aluminum, plans to increase stake by converting Rs 8,900 crore of its loans into equity, say media reports. However, the company has termed the reports of converting loans into equity as "untrue" and added that it does not expect any change in shareholding in VAL.
Mahindra & Mahindra's reported total sales of 41,506 units in October 2011, up 20.32 per cent as compared to 34,495 units in the corresponding quarter a year ago.
Hindustan
Unilever (3.13%), Punjab National Bank (2.06%), Wipro (1.81%), BPCL (1.42%) and
Maruti Suzuki (1.13%) were amongst the major gainers.
Punjab National Bank reported standalone net profit of Rs 1205.03 crore for quarter ended September 2011 as compared to Rs 1074.54 crore in the same period a year ago. Interest income was at Rs 8952.01 crore as against Rs 6455.44 crore in the corresponding quarter last fiscal.
Shares of HUL continued to move higher after reporting robust results. The company reported standalone net profit of Rs 688.92 crore for the quarter ended September 2011 against Rs 566.12 crore in the same quarter a year ago. Net sales were at Rs 5522.16 crore as compared to Rs 4680.87 crore in the corresponding quarter last fiscal.
Shares of Wipro witnessed some buying action a day after the company announced its second quarter results. The company had reported standalone net profit of Rs 1050.60 crore for quarter ended September 2011 against Rs 1219.30 crore last quarter. Net sales were at Rs 7804.80 crore as compared to Rs 7311.30 crore a quarter ago.
Maruti Suzuki sold 55595 vehicles in the month of October 2011. The figures include 4137 units for exports. The company's production and sales numbers were affected due to labour unrest at Manesar plant.
Market breadth was negative on the BSE with 1176 gainers against 1623 losers.
The US stock futures signaled a gap-down opening in line with other peers. The Dow Jones futures were down 144 points, S&P 500 declined 22.70 points and Nasdaq 100 was 35 points lower.
Regards
Punjab National Bank reported standalone net profit of Rs 1205.03 crore for quarter ended September 2011 as compared to Rs 1074.54 crore in the same period a year ago. Interest income was at Rs 8952.01 crore as against Rs 6455.44 crore in the corresponding quarter last fiscal.
Shares of HUL continued to move higher after reporting robust results. The company reported standalone net profit of Rs 688.92 crore for the quarter ended September 2011 against Rs 566.12 crore in the same quarter a year ago. Net sales were at Rs 5522.16 crore as compared to Rs 4680.87 crore in the corresponding quarter last fiscal.
Shares of Wipro witnessed some buying action a day after the company announced its second quarter results. The company had reported standalone net profit of Rs 1050.60 crore for quarter ended September 2011 against Rs 1219.30 crore last quarter. Net sales were at Rs 7804.80 crore as compared to Rs 7311.30 crore a quarter ago.
Maruti Suzuki sold 55595 vehicles in the month of October 2011. The figures include 4137 units for exports. The company's production and sales numbers were affected due to labour unrest at Manesar plant.
Market breadth was negative on the BSE with 1176 gainers against 1623 losers.
The US stock futures signaled a gap-down opening in line with other peers. The Dow Jones futures were down 144 points, S&P 500 declined 22.70 points and Nasdaq 100 was 35 points lower.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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