SENSEX 17464.85 -15.98
NIFTY 5258.45 +00.50
USD/INR 0049.32 +00.05
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UPDATEDTIME 09.28 PM 02 NOVEMBER 2011
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The Bombay
Stock Exchange's Sensex gave away intraday gains and ended on a flat note as investors
chose to remain on sidelines ahead of FOMC meet. The Greek Prime Minister
George Papandreou's cabinet approval for referendum on European Union bailout
hurt sentiments.
Europe has done a complete about turn over the last week or 10 days. From a lot of optimism it has suddenly gone down to a fairly pessimistic panic situation. Things remain pretty uncertain there and increasingly what will become more clear to investors is that the possibility of this whole thing getting resolved in a hurry, in some quick fix manner seems highly unlikely.
I expect investors to be a lot more cautious going forward. We will probably see a lot more negative news coming out over the next few months which will make the market sentiment negative and which will probably take the market downwards.
I would not be surprised if we retest the lower levels that we saw during some parts of 2011 by December or thereabouts. I am not very optimistic about what is going to come out of Europe in over next three to six months.
The Sensex ended at 17464.85, down 15.98 points or 0.09 per cent. The 30-share index touched intraday low of 17337.65 and high of 17615.92.
The National Stock Exchange's Nifty ended at 5258.45, up 0.50 points or 0.01 per cent. The broader index touched a high of 5300.10 and low of 5204.95 in trade today.
We will not go significantly below whatever low we have seen so far this year, but at the same time the upside seems quite capped. I cannot put a figure to it, it could be 5300, it could be 5400, but given the situation in Europe, I do not see the markets being able to rally beyond 5400 considering the situation right now.
BSE Midcap Index was up 0.02 per cent and BSE Smallcap Index edged 0.06 per cent lower.
Amongst the sectoral indices, BSE Auto Index was down 0.44 per cent, BSE Bankex declined 0.35 per cent and BSE Capital Goods Index slipped 0.30 per cent. BSE Oil&gas Index was up 0.76 per cent, BSE Healthcare Index gained advanced 0.44 per cent and BSE FMCG Index moved 0.24 per cent higher.
Reliance Industries (1.27%), Tata Power (0.99%), Jindal Steel (0.75%), Jaiprakash Associates (066%) and Mahindra & Mahindra (0.56%) were amongst the major Sensex gainers.
Reliance Industries, owned by Mukesh Ambani, is likely to use the towers and fibre optic cables of a telecom company controlled by younger brother Anil to provide high-speed data services. RIL, which had invited bids earlier this year from telecom tower operators for leasing around 26,000 towers for the first phase of its wireless broadband foray, plans to source most of its infrastructure from Reliance Communications.
There are also reports that RIL has seen natural gas output from its eastern offshore KG-D6 field drop to 42 million standard cubic meters per day. The current output is a far cry from 61.5 mmscmd achieved in March last year and is almost at the 2009 production levels.
Shares of Anil Ambani companies also rallied in a choppy market. Reliance Communications (4.97%), Reliance Power (3.10%) and Reliance Infrastructure (2.16%) were the top gainers on the Nifty.
Hero MotoCorp (-2.84%), Bharti Airtel (-2.63%), NTPC (-1.24%), BHEL (-1.10%) and Coal India (-1.06%) were amongst the major losers.
Market breadth was negative on the BSE with 1394 gainers against 1435 losers.
The European markets were mixed on concerns of eurozone crisis and the US stock futures were marginally in the green. Dow Jones futures was up 8 points, S&P 500 moved 1.70 points higher and Nasdaq 100 edged 1.75 points up.
Regards
Europe has done a complete about turn over the last week or 10 days. From a lot of optimism it has suddenly gone down to a fairly pessimistic panic situation. Things remain pretty uncertain there and increasingly what will become more clear to investors is that the possibility of this whole thing getting resolved in a hurry, in some quick fix manner seems highly unlikely.
I expect investors to be a lot more cautious going forward. We will probably see a lot more negative news coming out over the next few months which will make the market sentiment negative and which will probably take the market downwards.
I would not be surprised if we retest the lower levels that we saw during some parts of 2011 by December or thereabouts. I am not very optimistic about what is going to come out of Europe in over next three to six months.
The Sensex ended at 17464.85, down 15.98 points or 0.09 per cent. The 30-share index touched intraday low of 17337.65 and high of 17615.92.
The National Stock Exchange's Nifty ended at 5258.45, up 0.50 points or 0.01 per cent. The broader index touched a high of 5300.10 and low of 5204.95 in trade today.
We will not go significantly below whatever low we have seen so far this year, but at the same time the upside seems quite capped. I cannot put a figure to it, it could be 5300, it could be 5400, but given the situation in Europe, I do not see the markets being able to rally beyond 5400 considering the situation right now.
BSE Midcap Index was up 0.02 per cent and BSE Smallcap Index edged 0.06 per cent lower.
Amongst the sectoral indices, BSE Auto Index was down 0.44 per cent, BSE Bankex declined 0.35 per cent and BSE Capital Goods Index slipped 0.30 per cent. BSE Oil&gas Index was up 0.76 per cent, BSE Healthcare Index gained advanced 0.44 per cent and BSE FMCG Index moved 0.24 per cent higher.
Reliance Industries (1.27%), Tata Power (0.99%), Jindal Steel (0.75%), Jaiprakash Associates (066%) and Mahindra & Mahindra (0.56%) were amongst the major Sensex gainers.
Reliance Industries, owned by Mukesh Ambani, is likely to use the towers and fibre optic cables of a telecom company controlled by younger brother Anil to provide high-speed data services. RIL, which had invited bids earlier this year from telecom tower operators for leasing around 26,000 towers for the first phase of its wireless broadband foray, plans to source most of its infrastructure from Reliance Communications.
There are also reports that RIL has seen natural gas output from its eastern offshore KG-D6 field drop to 42 million standard cubic meters per day. The current output is a far cry from 61.5 mmscmd achieved in March last year and is almost at the 2009 production levels.
Shares of Anil Ambani companies also rallied in a choppy market. Reliance Communications (4.97%), Reliance Power (3.10%) and Reliance Infrastructure (2.16%) were the top gainers on the Nifty.
Hero MotoCorp (-2.84%), Bharti Airtel (-2.63%), NTPC (-1.24%), BHEL (-1.10%) and Coal India (-1.06%) were amongst the major losers.
Market breadth was negative on the BSE with 1394 gainers against 1435 losers.
The European markets were mixed on concerns of eurozone crisis and the US stock futures were marginally in the green. Dow Jones futures was up 8 points, S&P 500 moved 1.70 points higher and Nasdaq 100 edged 1.75 points up.
Regards
RAKESH MAKIN
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PANCHKULA (Haryana).
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