SENSEX 17486.02 -111.40
NIFTY 5322.90 -35.60
USD/INR 0051.08 +00.53
NASDAQ 3060.49 -53.08
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UPDATEDTIME 09.28 PM 04 APRIL 2012
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The National Stock Exchange's Nifty
snapped its three-day winning streak and closed in the negative terrain as
sentiments turned bearish in global markets after minutes of the Federal
Reserve's meet indicated that the US may not go ahead with further quantitative
easing. Traders also kept their positions light ahead of four-day long weekend
back home, said dealers.
According to analysts, the downside risk for market seems to be low and any positive news such as earnings, fuel price hike and rate cuts can lift the market in coming weeks.
This has been a truncated week so profit booking was bound to happen. As we enter next week, there are important macro events lined up including fourth quarter earnings. We have seen that when news flow was negative, Nifty held on firmly to 5200 so the possibility of a downside becomes less. The market will like any positive surprise on policy initiatives that comes in from the government. A caveat to this is probably the petrol and diesel price hike which possibly could happen over the weekend or maybe early next week.
The Sensex ended at 17486.02, down 111.40 points or 0.63 per cent. It touched intraday high of 17553.26 and low of 17436.60.
The National Stock Exchange's Nifty closed at 5322.90, down 35.60 points or 0.66 per cent. The broader index touched a high of 5338.40 and low of 5305.30 in trade today.
BSE Midcap Index was down 0.03 per cent and BSE Smallcap Index was gained 0.40 per cent.
Rate sensitive sectors have been abuzz ahead of Reserve Bank of India's policy review meet later this month. Analysts feel the central bank may not be aggressive at cutting rates due to inflationary concerns.
"I do see interest rates coming off in the next three to six months but as a lot of experts have been saying the extent of the rate cuts may not be as juicy as one thought at the beginning of the year.
There are certain inflation challenges coming through especially with from oil prices and I am not sure that the RBI will aggressively cut rates or ease monetary policy in such a scenario.
BSE Realty Index was down 1.35 per cent, BSE Metal Index declined 1.02 per cent, BSE Bankex slipped 0.75 per cent and BSE Oil&gas Index was 0.60 per cent lower. BSE Power Index was up 0.42 per cent.
Shares of power generation companies surged in early trade on Wednesday in an otherwise weak market after the government issued a presidential decree to force Coal India to guarantee long-term fuel supply to private power firms.
Meanwhile, Coal India was subdued as company may stand to lose heavily in case if it falters on its commitment to supply fuel to the private energy firms.
According to analysts, the downside risk for market seems to be low and any positive news such as earnings, fuel price hike and rate cuts can lift the market in coming weeks.
This has been a truncated week so profit booking was bound to happen. As we enter next week, there are important macro events lined up including fourth quarter earnings. We have seen that when news flow was negative, Nifty held on firmly to 5200 so the possibility of a downside becomes less. The market will like any positive surprise on policy initiatives that comes in from the government. A caveat to this is probably the petrol and diesel price hike which possibly could happen over the weekend or maybe early next week.
The Sensex ended at 17486.02, down 111.40 points or 0.63 per cent. It touched intraday high of 17553.26 and low of 17436.60.
The National Stock Exchange's Nifty closed at 5322.90, down 35.60 points or 0.66 per cent. The broader index touched a high of 5338.40 and low of 5305.30 in trade today.
BSE Midcap Index was down 0.03 per cent and BSE Smallcap Index was gained 0.40 per cent.
Rate sensitive sectors have been abuzz ahead of Reserve Bank of India's policy review meet later this month. Analysts feel the central bank may not be aggressive at cutting rates due to inflationary concerns.
"I do see interest rates coming off in the next three to six months but as a lot of experts have been saying the extent of the rate cuts may not be as juicy as one thought at the beginning of the year.
There are certain inflation challenges coming through especially with from oil prices and I am not sure that the RBI will aggressively cut rates or ease monetary policy in such a scenario.
BSE Realty Index was down 1.35 per cent, BSE Metal Index declined 1.02 per cent, BSE Bankex slipped 0.75 per cent and BSE Oil&gas Index was 0.60 per cent lower. BSE Power Index was up 0.42 per cent.
Shares of power generation companies surged in early trade on Wednesday in an otherwise weak market after the government issued a presidential decree to force Coal India to guarantee long-term fuel supply to private power firms.
Meanwhile, Coal India was subdued as company may stand to lose heavily in case if it falters on its commitment to supply fuel to the private energy firms.
The PMO directive on 80% assured fuel-supply to power plants will
prevent incremental sale through the more lucrative e-auction route.
Jindal Steel (-3.44%), GAIL (-3.38%), Jaiprakash Associates (-2.37%), Cipla (-2.01%) and Bharti Airtel (-1.99%) were the major index Nifty losers.
BHEL (3.60%), Ranbaxy Laboratories (3.33%), Dr Reddy's Laboratories (1.42%), Cairn India (0.91%) and Hidnalco Industries (0.87%) were amongst the gainers pack.
Cairn India, a Vedanta group company, has announced an oil discovery in its onshore block in the Krishna-Godavari basin where it had made a gas discovery about a year ago.
Market breadth was negative on the NSE with 566 gainers against 618 losers.
NOTE: The stock exchanges will remain shut on Thursday and Friday on account of Mahavir Jayanti and Good Friday respectively
Jindal Steel (-3.44%), GAIL (-3.38%), Jaiprakash Associates (-2.37%), Cipla (-2.01%) and Bharti Airtel (-1.99%) were the major index Nifty losers.
BHEL (3.60%), Ranbaxy Laboratories (3.33%), Dr Reddy's Laboratories (1.42%), Cairn India (0.91%) and Hidnalco Industries (0.87%) were amongst the gainers pack.
Cairn India, a Vedanta group company, has announced an oil discovery in its onshore block in the Krishna-Godavari basin where it had made a gas discovery about a year ago.
Market breadth was negative on the NSE with 566 gainers against 618 losers.
NOTE: The stock exchanges will remain shut on Thursday and Friday on account of Mahavir Jayanti and Good Friday respectively
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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