SENSEX 17362.87 -274.12
NIFTY 5280.35 -79.05
USD/INR 0049.54 +00.35
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UPDATEDTIME 09.28 PM 05 MARCH 2012
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The Bombay Stock Exchange's Sensex
closed in the negative terrain as traders squared off long positions ahead of
the outcome of Uttar Pradesh (UP) assembly elections. Weak cues from European
markets and high crude oil prices also put pressure on the benchmarks.
The results of recently concluded assembly elections in 5 states including Uttar Pradesh will be out Tuesday. According to exit polls, Samajwadi Party(SP) may emerge victorious by winning maximum number of seats in UP.
According to dealers, traders rushed to take buy shares of Anil Ambani owned companies likeReliance Infrastructure, Reliance Power and Reliance Communications considering the industrialist's proximity to Mulayam Singh Yadav.
Analysts are of the view that the market is likely to remain volatile for the next two weeks ahead of important events beginning elections results.
There are crucial events which are coming up over the next 15 days. The election results will determine how the reform process will shape up over the next 2 years and then budget on 16th of March will determine how investors will look at India.
Between these two events, we have some of the macroeconomic situations either turning good or bad in terms of liquidity, in terms of interest rate, in terms of currency. So, we will have a fair amount of volatility as we move forward over the next 15 days due to unfolding of events across this arena.
The Sensex ended at 17362.87, down 274.12 points or 1.55 per cent. It touched intraday high of 17598.42 and low of 17312.30.
The National Stock Exchange's Nifty closed at 5280.35, down 79.05 points or 1.47 per cent. The broader index touched a high of 5344.50 and low of 5265.70 in trade today.
We need to see whether supports 5280-5268 hold or not because these happen to be a good support area. Suppose if it were to be taken out, then chances are that we might hit below 5250 and even test 5220 to about 5225 on the downside. As of now, on the upside unless Nifty crosses 5350 and sustains above that, the bear pressure that has been built up in today's session is likely to continue.
BSE Midcap Index was down 1.39 per cent and BSE Smallcap Index declined 0.95 per cent.
Amongst the sectoral indices, BSE Realty Index moved 3.26 per cent lower, BSE Metal Index fell 3.06 per cent, BSE Bankex was down 2.62 per cent and BSE Capital Goods Index slipped 2.47 per cent. BSE FMCG Index moved 0.26 per cent higher.
DLF (-5.44%), Hindalco Industries (-5.35%), GAIL (-4.88%), Jindal Steel (-3.99%) and ICICI Bank (-3.88%) were the major Sensex losers.
Shares of DLF continued to witness selling pressure after Vertias Investment Research recommended a 'Sell' on the stock and valued it at Rs 100 a piece.
Tata Motors (2.09%), Wipro (1.38%), ITC (1.17%), ONGC (0.89%) and Cipla (0.13%) were the only index gainers.
Shares of cotton companies were in action after the government banned cotton export from immediate effect to increase the availability in domestic market.
The movement of crude oil prices in the international market, owing to tension between Iran and Israel, is also likely to keep the market under check. The crude oil prices fell over a dollar to intraday low of $122.66 per barrel after China cut its GDP target to 7.5 per cent.
Market breadth was negative on the BSE with 986 gainers against 1844 losers.
The results of recently concluded assembly elections in 5 states including Uttar Pradesh will be out Tuesday. According to exit polls, Samajwadi Party(SP) may emerge victorious by winning maximum number of seats in UP.
According to dealers, traders rushed to take buy shares of Anil Ambani owned companies likeReliance Infrastructure, Reliance Power and Reliance Communications considering the industrialist's proximity to Mulayam Singh Yadav.
Analysts are of the view that the market is likely to remain volatile for the next two weeks ahead of important events beginning elections results.
There are crucial events which are coming up over the next 15 days. The election results will determine how the reform process will shape up over the next 2 years and then budget on 16th of March will determine how investors will look at India.
Between these two events, we have some of the macroeconomic situations either turning good or bad in terms of liquidity, in terms of interest rate, in terms of currency. So, we will have a fair amount of volatility as we move forward over the next 15 days due to unfolding of events across this arena.
The Sensex ended at 17362.87, down 274.12 points or 1.55 per cent. It touched intraday high of 17598.42 and low of 17312.30.
The National Stock Exchange's Nifty closed at 5280.35, down 79.05 points or 1.47 per cent. The broader index touched a high of 5344.50 and low of 5265.70 in trade today.
We need to see whether supports 5280-5268 hold or not because these happen to be a good support area. Suppose if it were to be taken out, then chances are that we might hit below 5250 and even test 5220 to about 5225 on the downside. As of now, on the upside unless Nifty crosses 5350 and sustains above that, the bear pressure that has been built up in today's session is likely to continue.
BSE Midcap Index was down 1.39 per cent and BSE Smallcap Index declined 0.95 per cent.
Amongst the sectoral indices, BSE Realty Index moved 3.26 per cent lower, BSE Metal Index fell 3.06 per cent, BSE Bankex was down 2.62 per cent and BSE Capital Goods Index slipped 2.47 per cent. BSE FMCG Index moved 0.26 per cent higher.
DLF (-5.44%), Hindalco Industries (-5.35%), GAIL (-4.88%), Jindal Steel (-3.99%) and ICICI Bank (-3.88%) were the major Sensex losers.
Shares of DLF continued to witness selling pressure after Vertias Investment Research recommended a 'Sell' on the stock and valued it at Rs 100 a piece.
Tata Motors (2.09%), Wipro (1.38%), ITC (1.17%), ONGC (0.89%) and Cipla (0.13%) were the only index gainers.
Shares of cotton companies were in action after the government banned cotton export from immediate effect to increase the availability in domestic market.
The movement of crude oil prices in the international market, owing to tension between Iran and Israel, is also likely to keep the market under check. The crude oil prices fell over a dollar to intraday low of $122.66 per barrel after China cut its GDP target to 7.5 per cent.
Market breadth was negative on the BSE with 986 gainers against 1844 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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