SENSEX 16775.87 -106.80
NIFTY 5030.45 -38.05
USD/INR 0050.89 +00.26
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UPDATEDTIME 09.28 PM 16 NOVEMBER 2011
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The Bombay
Stock Exchange's Sensex ended a volatile session in the negative territory even
as European peers were witnessing a bounce back rally. Losses in capital goods,
power and oil&gas space were offset by gains in FMCG, metals and realty
space.
The market, after a weak opening, drifted lower due to lack of buying support from investors. Bulls tried to stage a come-back after the National Stock Exchange's benchmark Nifty breached important support level. However, they failed to gain momentum and the indices closed lower towards the end of session.
According to analysts, the market seems to have factored in most of the bad news flow and investors should use this correction as buying opportunity from long term perspective.
We have seen bad set of earnings in the last two weeks. We have seen high interest cost pressure. We have seen high debts among the companies. We have seen a low industrial growth production data. We have also seen almost high inflation trajectory so my sense is that lot of bad news are now factored in and it is a right time that one starts accumulating good quality stocks on every fall.
"Though nothing can be said because of a global situation and how tense the Europe situation is but 4700-4800 are the levels valuations tend to get attractive. If we factor in FY13 valuations then probably the market is around 12-12.5 times. So it is a bigger risk not to take risk at this time though I think equities will present great returns in a period of one-one and a half years if somebody starts investing in the next three to six months.
The National Stock Exchange's Nifty closed at 5030.45, down 38.05 points or 0.75 per cent. Earlier in the session, the index slipped below 5000 for the first time since October 11 to touch day's low of 4989.50. After taking support near the important support level, it bounced back to touch intraday of 5065.20.
The daily and weekly trends have turned negative. Nifty had consolidated around 5000 levels before the rally. If it fails to hold on to this level then it can fall to 4850.
The Sensex ended at 16775.87, down 106.80 points or 0.63 per cent. The 30-share index touched intraday low of 16641.65 and high of 16878.30.
BSE Midcap Index was down 0.94 per cent and BSE Smallcap Index moved 1.34 per cent lower.
Amongst the sectoral indices, BSE Capital Goods fell 3.88 per cent, BSE Power Index was down 2.02 per cent and BSE Oil&gas Index moved 1.27 per cent lower. BSE FMCG Index was up 0.51 per cent and BSE Metal Index gained 0.15 per cent.
Jaiprakash Associates (-4.49%), BHEL (-4.15%) Larsen & Toubro (-4.04%), Sun Pharmaceuticals (-3.03%) and Hero Moto Corp (-2.73%) were amongst the major Sensex losers.
Tata Steel (3.76%), Jindal Steel (3.41%), DLF (2.88%), SBI (2.34%) and Mahindra & Mahindra (2.17%) were amongst the major Sensex gainers.
Shares of oil marketing companies slipped after the government announced roll-back in petrol prices by about 3.2 percent. HPCL was down 5.27 per cent and BPCL fell 4.42 per cent.
Meanwhile MSCI announced changes in its India Index. SAIL, Indiabulls Real Estate and Housing Development and Infrastructure Ltd were replaced by Bharti Airtel, Idea Cellular and Power Finance Corporation.
Bharti Airtel has hiked ISD rates by 10 per cent with effect from Thursday.
Market breadth was negative on the BSE with 899 gainers against 1937 losers.
The market, after a weak opening, drifted lower due to lack of buying support from investors. Bulls tried to stage a come-back after the National Stock Exchange's benchmark Nifty breached important support level. However, they failed to gain momentum and the indices closed lower towards the end of session.
According to analysts, the market seems to have factored in most of the bad news flow and investors should use this correction as buying opportunity from long term perspective.
We have seen bad set of earnings in the last two weeks. We have seen high interest cost pressure. We have seen high debts among the companies. We have seen a low industrial growth production data. We have also seen almost high inflation trajectory so my sense is that lot of bad news are now factored in and it is a right time that one starts accumulating good quality stocks on every fall.
"Though nothing can be said because of a global situation and how tense the Europe situation is but 4700-4800 are the levels valuations tend to get attractive. If we factor in FY13 valuations then probably the market is around 12-12.5 times. So it is a bigger risk not to take risk at this time though I think equities will present great returns in a period of one-one and a half years if somebody starts investing in the next three to six months.
The National Stock Exchange's Nifty closed at 5030.45, down 38.05 points or 0.75 per cent. Earlier in the session, the index slipped below 5000 for the first time since October 11 to touch day's low of 4989.50. After taking support near the important support level, it bounced back to touch intraday of 5065.20.
The daily and weekly trends have turned negative. Nifty had consolidated around 5000 levels before the rally. If it fails to hold on to this level then it can fall to 4850.
The Sensex ended at 16775.87, down 106.80 points or 0.63 per cent. The 30-share index touched intraday low of 16641.65 and high of 16878.30.
BSE Midcap Index was down 0.94 per cent and BSE Smallcap Index moved 1.34 per cent lower.
Amongst the sectoral indices, BSE Capital Goods fell 3.88 per cent, BSE Power Index was down 2.02 per cent and BSE Oil&gas Index moved 1.27 per cent lower. BSE FMCG Index was up 0.51 per cent and BSE Metal Index gained 0.15 per cent.
Jaiprakash Associates (-4.49%), BHEL (-4.15%) Larsen & Toubro (-4.04%), Sun Pharmaceuticals (-3.03%) and Hero Moto Corp (-2.73%) were amongst the major Sensex losers.
Tata Steel (3.76%), Jindal Steel (3.41%), DLF (2.88%), SBI (2.34%) and Mahindra & Mahindra (2.17%) were amongst the major Sensex gainers.
Shares of oil marketing companies slipped after the government announced roll-back in petrol prices by about 3.2 percent. HPCL was down 5.27 per cent and BPCL fell 4.42 per cent.
Meanwhile MSCI announced changes in its India Index. SAIL, Indiabulls Real Estate and Housing Development and Infrastructure Ltd were replaced by Bharti Airtel, Idea Cellular and Power Finance Corporation.
Bharti Airtel has hiked ISD rates by 10 per cent with effect from Thursday.
Market breadth was negative on the BSE with 899 gainers against 1937 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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