SENSEX 17300.58 +107.03
NIFTY 5235.70
+36.45
USD/INR 0049.26 -00.24
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UPDATEDTIME 09.28 PM 01 FEBUARY 2012
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The National Stock Exchange's Nifty extended its winning streak and
closed above important resistance levels after bouncing back in the afternoon
aided by positive European peers. All the major sectoral indices, barring FMCG
space, ended in the positive terrain with metals, capital goods and auto in the
lead.
Meanwhile, India's manufacturing sector grew at its fastest pace in eight months in January as factory output surged the most on record on increased domestic and foreign demand. The HSBC manufacturing purchasing managers' index (PMI) jumped to 57.5 from 54.2 in December.
Activity in the manufacturing sector rebounded again in January led by higher demand from both domestic and foreign clients, suggesting some recovery in sentiment in recent months.
These numbers suggest it's premature for the RBI to cut policy rates and that they have to await evidence of a significant and sustained decline in inflation and/or further materialization of down side risks to growth before they can roll out rate cuts.
The Nifty ended at 5235.70, up 36.45 points or 0.70 per cent. The broader index touched a high of 5244.60 and low of 5159 intraday.
The Bombay Stock Exchange's Sensex closed at 17300.58, up 107.03 points or 0.62 per cent. The 30-share index touched a high of 17327.21 and low of 17061.55 in trade today.
The next target is around 5350-5400. For a market which is coming out of 8 to 12 months of depression, it can go up much further than people expect. Right now the maximum downside is curtailed at 5050-5075.
Something fresh has started happening above 5200. The right way to go about this is to ride it on the upside instead of playing those smart trades of going short and then going long etc.
Just hold on to your positions because even at these levels there are very mild signs of any kind of weakness or profit booking and that is generally a good sign for a market which is taking out resistances on a daily basis.
BSE Midcap Index was up 1.12 per cent and BSE Smallcap Index gained 1.71 per cent.
Amongst the sectoral indices, BSE Metal Index moved up 2.97 per cent, BSE Capital Goods Index was up 2.34 per cent and BSE Auto Index gained 2.02 per cent and BSE Power Index advanced 1.62 per cenet. BSE IT Index was down 0.11 per cent.
Tata Power (6.54%), Jindal Steel (6.26%), Tata Steel (5.12%), Jaiprakash Associates (4.65%) and Hindalco Industries (4.64%) were the major Nifty gainers.
Shares of Reliance Industries gained around 2 per cent after the company's buyback offer for shares opened today. The company aims to buy around 12 crore shares at Rs 870 per share.
Coal India (-2.95%), BPCL (-2.07%), ICICI Bank (-1.46%), Power Grid Corporation (-1.30%) and ITC (-1.27%) were the major losers.
The Telecom ministry issued show-cause notices to five private operators, including Bharti Airtel, Vodafone and RCOM, for under reporting revenues, as per a special audit report, for assessment years 2006 to 2008 and raised a demand of Rs 1,637 crore from them. Tatas and Idea Cellular have also been served notices.
Market breadth was positive on the NSE with 803 gainers against 312 losers.
Meanwhile, India's manufacturing sector grew at its fastest pace in eight months in January as factory output surged the most on record on increased domestic and foreign demand. The HSBC manufacturing purchasing managers' index (PMI) jumped to 57.5 from 54.2 in December.
Activity in the manufacturing sector rebounded again in January led by higher demand from both domestic and foreign clients, suggesting some recovery in sentiment in recent months.
These numbers suggest it's premature for the RBI to cut policy rates and that they have to await evidence of a significant and sustained decline in inflation and/or further materialization of down side risks to growth before they can roll out rate cuts.
The Nifty ended at 5235.70, up 36.45 points or 0.70 per cent. The broader index touched a high of 5244.60 and low of 5159 intraday.
The Bombay Stock Exchange's Sensex closed at 17300.58, up 107.03 points or 0.62 per cent. The 30-share index touched a high of 17327.21 and low of 17061.55 in trade today.
The next target is around 5350-5400. For a market which is coming out of 8 to 12 months of depression, it can go up much further than people expect. Right now the maximum downside is curtailed at 5050-5075.
Something fresh has started happening above 5200. The right way to go about this is to ride it on the upside instead of playing those smart trades of going short and then going long etc.
Just hold on to your positions because even at these levels there are very mild signs of any kind of weakness or profit booking and that is generally a good sign for a market which is taking out resistances on a daily basis.
BSE Midcap Index was up 1.12 per cent and BSE Smallcap Index gained 1.71 per cent.
Amongst the sectoral indices, BSE Metal Index moved up 2.97 per cent, BSE Capital Goods Index was up 2.34 per cent and BSE Auto Index gained 2.02 per cent and BSE Power Index advanced 1.62 per cenet. BSE IT Index was down 0.11 per cent.
Tata Power (6.54%), Jindal Steel (6.26%), Tata Steel (5.12%), Jaiprakash Associates (4.65%) and Hindalco Industries (4.64%) were the major Nifty gainers.
Shares of Reliance Industries gained around 2 per cent after the company's buyback offer for shares opened today. The company aims to buy around 12 crore shares at Rs 870 per share.
Coal India (-2.95%), BPCL (-2.07%), ICICI Bank (-1.46%), Power Grid Corporation (-1.30%) and ITC (-1.27%) were the major losers.
The Telecom ministry issued show-cause notices to five private operators, including Bharti Airtel, Vodafone and RCOM, for under reporting revenues, as per a special audit report, for assessment years 2006 to 2008 and raised a demand of Rs 1,637 crore from them. Tatas and Idea Cellular have also been served notices.
Market breadth was positive on the NSE with 803 gainers against 312 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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