SENSEX 17058.61 -63.01
NIFTY 5178.85 -15.90
USD/INR 0051.33 +00.55
NASDAQ 3073.00 -31.96
|
UPDATEDTIME 09.28 PM 29 MARCH 2012
|
The National Stock Exchange's Nifty pared
most of the intraday losses and closed above 200 DMA on the back of short
covering towards the close of session on the March F&O series expiry day.
According to analysts, the benchmarks are likely to remain choppy in the near term and take cues from the Reserve Bank of India's policy review meet for direction.
The markets had opened with gap-down in line with Asian peers, weak rupee and as investors' awaited clarity on General Anti-Avoidance Rules ( GAAR) and P-Notes from the government.
GAAR is playing on the minds of the people. Those people who are directly affected and those who are not affected both are looking at some clarity on this issue and perhaps that is eluding people to probably use their cash.
The second aspect is also that whether the central bank will cut the interest rate or not that is also going to be crucial as the market is lacking trigger. Interest rate will be a key determinant and if it is pushed back to let say June or something like that then probably that is not going to be good for market sentiment.
People would still keep their cash with them or probably invest in some high yielding debt. So I feel market will be choppy and range bound for the next few weeks.
The Sensex ended at 17058.61, down 63.01 points or 0.37 per cent. It touched intraday high of 17109.35 and low of 16920.61.
The National Stock Exchange's Nifty closed at 5178.85, down 15.90 points or 0.31 per cent. The broader index touched a high of 5194.30 and low of 5135.95 in trade today.
We have closed above the 200 DMA which is a good sign. Market has been in corrective mode since budget and some buying activity can be expected in next two weeks.
However, a lot depends on the dollar-rupee movement. Right now the dollar faces resistance at Rs 51.50 level, if this is breached and dollars moves to Rs 52 then equities will correct. The Nifty can move upto 5300 if the dollar cools down to Rs 50 or lower.
Meanwhile, the rupee closed at 51.39 to the dollar against previous close of 50.77 a day ago.
BSE Midcap Index up 0.16 per cent and BSE Smallcap Index moved 0.70 per cent higher.
Amongst the sectoral indices, BSE Healthcare Index was up 0.92 per cent, BSE Auto Index gained 0.67 per cent and BSE Metal Index moved 0.39 per cent higher. BSE Capital Goods Index was down 1.61 per cent, BSE IT Index slipped 1.17 per cent and BSE FMCG Index declined 0.65 per cent lower.
Siemens (-3.26%), Reliance Communications (-2.67%), Larsen & Toubro (-2.08%), Bharti Airtel (-2.01%) andSterlite Industries (-1.78%) were amongst the major Nifty losers.
Tata Power (7.11%), Ranbaxy Laboratories (6.20%), Jindal Steel (3.71%), BPCL (3.28%) and Jaiprakash Associates (2.34%) were amongst the gainers.
Market breadth was positive on the NSE with 835 gainers against 644 losers.
According to analysts, the benchmarks are likely to remain choppy in the near term and take cues from the Reserve Bank of India's policy review meet for direction.
The markets had opened with gap-down in line with Asian peers, weak rupee and as investors' awaited clarity on General Anti-Avoidance Rules ( GAAR) and P-Notes from the government.
GAAR is playing on the minds of the people. Those people who are directly affected and those who are not affected both are looking at some clarity on this issue and perhaps that is eluding people to probably use their cash.
The second aspect is also that whether the central bank will cut the interest rate or not that is also going to be crucial as the market is lacking trigger. Interest rate will be a key determinant and if it is pushed back to let say June or something like that then probably that is not going to be good for market sentiment.
People would still keep their cash with them or probably invest in some high yielding debt. So I feel market will be choppy and range bound for the next few weeks.
The Sensex ended at 17058.61, down 63.01 points or 0.37 per cent. It touched intraday high of 17109.35 and low of 16920.61.
The National Stock Exchange's Nifty closed at 5178.85, down 15.90 points or 0.31 per cent. The broader index touched a high of 5194.30 and low of 5135.95 in trade today.
We have closed above the 200 DMA which is a good sign. Market has been in corrective mode since budget and some buying activity can be expected in next two weeks.
However, a lot depends on the dollar-rupee movement. Right now the dollar faces resistance at Rs 51.50 level, if this is breached and dollars moves to Rs 52 then equities will correct. The Nifty can move upto 5300 if the dollar cools down to Rs 50 or lower.
Meanwhile, the rupee closed at 51.39 to the dollar against previous close of 50.77 a day ago.
BSE Midcap Index up 0.16 per cent and BSE Smallcap Index moved 0.70 per cent higher.
Amongst the sectoral indices, BSE Healthcare Index was up 0.92 per cent, BSE Auto Index gained 0.67 per cent and BSE Metal Index moved 0.39 per cent higher. BSE Capital Goods Index was down 1.61 per cent, BSE IT Index slipped 1.17 per cent and BSE FMCG Index declined 0.65 per cent lower.
Siemens (-3.26%), Reliance Communications (-2.67%), Larsen & Toubro (-2.08%), Bharti Airtel (-2.01%) andSterlite Industries (-1.78%) were amongst the major Nifty losers.
Tata Power (7.11%), Ranbaxy Laboratories (6.20%), Jindal Steel (3.71%), BPCL (3.28%) and Jaiprakash Associates (2.34%) were amongst the gainers.
Market breadth was positive on the NSE with 835 gainers against 644 losers.
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
No comments:
Post a Comment