SENSEX 17503.24 +357.72
NIFTY 5333.55 +113.10
USD/INR 0050.36 +00.52
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UPDATEDTIME 09.28 PM 09 MARCH 2012
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The
National Stock Exchange's Nifty snapped three-day losing streak and closed
near psychological resistance levels led by gains in metals, banks, capital
goods and realty space on the back of positive cues from global markets.
The markets opened on a firm note and outperformed most of the Asian peers as buying activity picked up near support levels on reports that Greece's debt swap deal will help it avoid a default.
According to dealers, the rate sensitive counters are likely to remain in action ahead of Reserve Bank of India's policy meet next week. The central bank is expected to announce CRR cut to ease liquidity is the system.
A CRR cut for addressing the liquidity shortage and liquidity situation is something which is highly likely. A rate cut or any other rate signal probably has to wait for maybe a couple of more months. Maybe April policy is a more likely time for the rate cuts.
Investors will also take cues from the Union Budget which will be tabled on March 16 in the parliament. It needs to be seen what steps the central government takes to keep fiscal deficit under control.
FIIs are looking curiously now that whether the Congress will succumb to more populist pressures or they will do something more pragmatic, more growth oriented and take some decisive measures to bring fiscal deficit under control.
Till then, the benchmarks are likely to remain rangebound with strong support near 5220-5250 levels.
During the next week since there would be so many macroeconomic announcements, we would still be range bound between say on the upside 5450, on the downside I believe the range would be something like 5220 to about 5250. I am not expecting below 5200 swing at least as of now.
The Nifty closed at 5333.55, up 113.10 points or 2.17 per cent. The broader index touched a high of 5342.30 and low of 5291.60 in trade today.
The Bombay Stock Exchange's Sensex ended at 17503.24, up 357.72 points or 2.09 per cent. It touched intraday high of 17531.62 and low of 17325.82.
BSE Midcap Index gained 2.16 per cent and BSE Smallcap Index moved 1.35 per cent higher.
Amongst the sectoral indices, BSE Metal Index moved 4.69 per cent higher, BSE Capital Goods Index gained 3.75 per cent, BSE Bankex advanced 3.66 per cent and BSE Realty Index moved 2.73 per cent higher.
Jindal Steel (8.05%), Tata Steel (7.50%), ICICI Bank (6.48%), IDFC (5.77%) and Larsen & Toubro (5.29%) were the major Nifty gainers.
In a long-awaited top management succession planning exercise, Larsen & Toubro appointed K Venkataraman as its CEO and Managing Director, while its current chief A M Naik would remain Executive Chairman for the next five years.
Wipro (-2.22%), Reliance Power (-1.84%), Infosys Technologies (-0.95%), Siemens (-0.87%) and ITC (-0.81%) were the amongst the index losers.
Multi-Commodity Exchange, which received bids worth Rs 35,000 crore for its Rs 660-crore initial public offering listed at 35 per cent premium at Rs 1400 on BSE against issue price of Rs 1032 per share.
Market breadth was positive on the NSE with 821 gainers against 245 losers.
The markets opened on a firm note and outperformed most of the Asian peers as buying activity picked up near support levels on reports that Greece's debt swap deal will help it avoid a default.
According to dealers, the rate sensitive counters are likely to remain in action ahead of Reserve Bank of India's policy meet next week. The central bank is expected to announce CRR cut to ease liquidity is the system.
A CRR cut for addressing the liquidity shortage and liquidity situation is something which is highly likely. A rate cut or any other rate signal probably has to wait for maybe a couple of more months. Maybe April policy is a more likely time for the rate cuts.
Investors will also take cues from the Union Budget which will be tabled on March 16 in the parliament. It needs to be seen what steps the central government takes to keep fiscal deficit under control.
FIIs are looking curiously now that whether the Congress will succumb to more populist pressures or they will do something more pragmatic, more growth oriented and take some decisive measures to bring fiscal deficit under control.
Till then, the benchmarks are likely to remain rangebound with strong support near 5220-5250 levels.
During the next week since there would be so many macroeconomic announcements, we would still be range bound between say on the upside 5450, on the downside I believe the range would be something like 5220 to about 5250. I am not expecting below 5200 swing at least as of now.
The Nifty closed at 5333.55, up 113.10 points or 2.17 per cent. The broader index touched a high of 5342.30 and low of 5291.60 in trade today.
The Bombay Stock Exchange's Sensex ended at 17503.24, up 357.72 points or 2.09 per cent. It touched intraday high of 17531.62 and low of 17325.82.
BSE Midcap Index gained 2.16 per cent and BSE Smallcap Index moved 1.35 per cent higher.
Amongst the sectoral indices, BSE Metal Index moved 4.69 per cent higher, BSE Capital Goods Index gained 3.75 per cent, BSE Bankex advanced 3.66 per cent and BSE Realty Index moved 2.73 per cent higher.
Jindal Steel (8.05%), Tata Steel (7.50%), ICICI Bank (6.48%), IDFC (5.77%) and Larsen & Toubro (5.29%) were the major Nifty gainers.
In a long-awaited top management succession planning exercise, Larsen & Toubro appointed K Venkataraman as its CEO and Managing Director, while its current chief A M Naik would remain Executive Chairman for the next five years.
Wipro (-2.22%), Reliance Power (-1.84%), Infosys Technologies (-0.95%), Siemens (-0.87%) and ITC (-0.81%) were the amongst the index losers.
Multi-Commodity Exchange, which received bids worth Rs 35,000 crore for its Rs 660-crore initial public offering listed at 35 per cent premium at Rs 1400 on BSE against issue price of Rs 1032 per share.
Market breadth was positive on the NSE with 821 gainers against 245 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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