SENSEX 17121.62 -135.74
NIFTY 5194.75 -48.40
USD/INR 0050.78 +00.11
NASDAQ 3095.95 -24.40
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UPDATEDTIME 09.28 PM 28 MARCH 2012
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The Bombay Stock Exchange's Sensex
ended volatility marred session in the negative territory on the back of weak
global cues and ahead of March series expiry. Banks, realty, oil&gas and
power space led the decline while FMCG and pharmaceuticals ended modestly
higher.
According to dealers, fundamentally the market continues to face headwinds and technically as well the benchmarks are slipping close to important support levels. As the market enters April series, investors will focus on Reserve Bank of India's policy review meet and corporate earnings for direction.
The market does not have a trend right now and chances are that this is a consolidation. Once we break this 5150-5170 range you could see even lower levels. But as long as this holds on, you may see choppiness for a couple of weeks which would be a positive.
The idea should be to wait for the next trending move to start. Keeping participation low during this phase would not be such a bad idea.
The Sensex closed at 17121.62, down 135.74 points or 0.79 per cent. It touched intraday high of 17245.82 and low of 17040.12.
The National Stock Exchange's Nifty ended at 5194.75, down 48.40 points or 0.92 per cent. The broader index touched a high of 5236.55 and low of 5169.60 in trade today.
We are in the midst of a consolidation after about 45 days of a run which started from January onwards. Once this consolidation, the breather gets over, the markets could actually head higher slowly and steadily.
It is clear that the expectations in the markets are extremely low and given the fact that the ground realities are known, the growth expectations are tapered down. So to that extent, the negative surprises and disappointments may not be as much in the coming quarter.
BSE Midcap Index down 0.87 per cent and BSE Smallcap Index moved 1.08 per cent lower.
Amongst the sectoral indices, BSE Bankex was down 1.73 per cent, BSE Realty Index declined 1.57 per cent, BSE Oil&gas Index slipped 1.23 per cent and BSE Power Index moved 1.11 per cent lower. BSE FMCG Index gained 0.29 per cent and BSE Healthcare Index advanced 0.22 per cent.
ONGC (-2.75%), Hindalco Industries (-2.75%), Sterlite Industries (-2.32%), State Bank of India (-2.28%) and ICICI Bank (-1.93%) were amongst the top Sensex losers.
ONGC has bagged four blocks under ninth exploration licensing round, Oil India has won two blocks and Gail India led consortium was awarded one onshore block in the Cambay basin.
Tata Steel (2.02%), Maruti Suzuki (0.98%), Wipro (0.69%), ITC (0.53%) and Larsen & Toubro (0.36%) were amongst the gainers.
L&T Finance has agreed to buy Fidelity Worldwide Investment's Indian mutual fund business, becoming the 10th-biggest equity fund house in a highly fragmented and competitive market marked by wafer-thin profitability.
Tata Steel will borrow up to Rs 50,000 crore in loans as the company which recently refinanced the debt it had taken to acquire Corus is now more comfortable to raise funds for capacity expansion and purchase of mines.
Market breadth was negative on the BSE with 889 gainers against 2030 losers.
Regards
According to dealers, fundamentally the market continues to face headwinds and technically as well the benchmarks are slipping close to important support levels. As the market enters April series, investors will focus on Reserve Bank of India's policy review meet and corporate earnings for direction.
The market does not have a trend right now and chances are that this is a consolidation. Once we break this 5150-5170 range you could see even lower levels. But as long as this holds on, you may see choppiness for a couple of weeks which would be a positive.
The idea should be to wait for the next trending move to start. Keeping participation low during this phase would not be such a bad idea.
The Sensex closed at 17121.62, down 135.74 points or 0.79 per cent. It touched intraday high of 17245.82 and low of 17040.12.
The National Stock Exchange's Nifty ended at 5194.75, down 48.40 points or 0.92 per cent. The broader index touched a high of 5236.55 and low of 5169.60 in trade today.
We are in the midst of a consolidation after about 45 days of a run which started from January onwards. Once this consolidation, the breather gets over, the markets could actually head higher slowly and steadily.
It is clear that the expectations in the markets are extremely low and given the fact that the ground realities are known, the growth expectations are tapered down. So to that extent, the negative surprises and disappointments may not be as much in the coming quarter.
BSE Midcap Index down 0.87 per cent and BSE Smallcap Index moved 1.08 per cent lower.
Amongst the sectoral indices, BSE Bankex was down 1.73 per cent, BSE Realty Index declined 1.57 per cent, BSE Oil&gas Index slipped 1.23 per cent and BSE Power Index moved 1.11 per cent lower. BSE FMCG Index gained 0.29 per cent and BSE Healthcare Index advanced 0.22 per cent.
ONGC (-2.75%), Hindalco Industries (-2.75%), Sterlite Industries (-2.32%), State Bank of India (-2.28%) and ICICI Bank (-1.93%) were amongst the top Sensex losers.
ONGC has bagged four blocks under ninth exploration licensing round, Oil India has won two blocks and Gail India led consortium was awarded one onshore block in the Cambay basin.
Tata Steel (2.02%), Maruti Suzuki (0.98%), Wipro (0.69%), ITC (0.53%) and Larsen & Toubro (0.36%) were amongst the gainers.
L&T Finance has agreed to buy Fidelity Worldwide Investment's Indian mutual fund business, becoming the 10th-biggest equity fund house in a highly fragmented and competitive market marked by wafer-thin profitability.
Tata Steel will borrow up to Rs 50,000 crore in loans as the company which recently refinanced the debt it had taken to acquire Corus is now more comfortable to raise funds for capacity expansion and purchase of mines.
Market breadth was negative on the BSE with 889 gainers against 2030 losers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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