SENSEX 17243.84 +21.70
NIFTY 5243.60 +09.20
USD/INR 0051.08 +00.53
NASDAQ 3000.62 -46.46
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UPDATEDTIME 09.28 PM 10 APRIL 2012
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The National Stock
Exchange's Nifty ended a tepid session on a flat-to-positive note as investors
remained on sidelines due to lack of cues from global peers. The trend has
turned range bound as foreign institutional investors who are seeking clarity
on GAAR provisions have slowed down their investments in Indian equities. Any
clarity from the government will trigger the market, say analysts.
"The key issue which is troubling the market today is GAAR provisions and implementation and applicability. We need more clarity which is expected hopefully over the next few weeks because if clearly the FII P-note holders, private equity hedge fund long only guys are being targeted, that is not going to board well for the market.
Other important events that are lined up and can give direction to the market are the Reserve Bank of India's policy review meet and corporate earnings.
"Monetary policy meet is an important trigger that investors are looking at in terms of what RBI does on a rate cuts or CRR cut.
The Nifty ended at 5243.60, up 9.20 points or 0.18 per cent. The broader index touched a high of 5255.80 and low of 5211.85 in trade today.
The Bombay Stock Exchange's Sensex ended at 17243.84, up 21.70 points or 0.13 per cent. It touched intraday high of 17274.69 and low of 17135.76.
"The range is becoming so narrow that any event could prove to be a trigger. Breakout will happen sooner or later. Today some flashes have come in from the Bank Nifty which has done better than the Nifty.
We will have to see which way the market breaks out and then take a call from there. For the moment if somebody wants like a trading boundary, a close below 5170 should trigger shorts and above 5270 should make people take long positions.
BSE Midcap Index was down 0.26 per cent and BSE Smallcap Index slipped 0.12 per cent.
Amongst the sectoral indices, BSE FMCG Index was up 1.99 per cent, BSE Auto Index gained 0.85 per cent, BSE Bankex advanced 0.48 per cent and BSE Realty Index was moved up 0.18 per cent. BSE Capital Goods Index was down 0.95 per cent and BSE IT Index slipped 0.94 per cent.
Tata Power (4.24%), Reliance Communications (3.19%), Tata Motors (2.88%), Kotak Bank (2.81%) and Hindustan Unilever (2.79%) were amongst the major Nifty gainers.
Reliance Communications subsidiary Flag Telecom has got approval from the Singapore Stock Exchange for its initial public offering of shares.
BHEL (-2.54%), Ambuja Cement (-2.48%), Ranbaxy Laboratories (-2.41%), GAIL (-2.24%) and BPCL (-2.03%) were the major losers.
Shares of Indraprastha Gas (IGL), GAIL and other gas distribution companies were under pressure after Petroleum and Natural Gas Regulatory Board fixed the new tariff and compression charges for IGL. Foreign institutional investors and domestic funds are looking at the development as a big negative surprise.
"The order comes as a significant negative surprise, leading to a potential downside of ~45-65% to our EBITDA. Under this scenario, IGL will struggle to make even normative returns on the capital it has invested in the business," said Citi report.
Market breadth was negative on the NSE with 590 gainers against 713 losers.
The European markets continued to witness selling pressure. FTSE 100 was down 0.78 per cent, CAC 40 fell 1.04 per cent and DAX moved 0.74 per cent lower.
"The key issue which is troubling the market today is GAAR provisions and implementation and applicability. We need more clarity which is expected hopefully over the next few weeks because if clearly the FII P-note holders, private equity hedge fund long only guys are being targeted, that is not going to board well for the market.
Other important events that are lined up and can give direction to the market are the Reserve Bank of India's policy review meet and corporate earnings.
"Monetary policy meet is an important trigger that investors are looking at in terms of what RBI does on a rate cuts or CRR cut.
The Nifty ended at 5243.60, up 9.20 points or 0.18 per cent. The broader index touched a high of 5255.80 and low of 5211.85 in trade today.
The Bombay Stock Exchange's Sensex ended at 17243.84, up 21.70 points or 0.13 per cent. It touched intraday high of 17274.69 and low of 17135.76.
"The range is becoming so narrow that any event could prove to be a trigger. Breakout will happen sooner or later. Today some flashes have come in from the Bank Nifty which has done better than the Nifty.
We will have to see which way the market breaks out and then take a call from there. For the moment if somebody wants like a trading boundary, a close below 5170 should trigger shorts and above 5270 should make people take long positions.
BSE Midcap Index was down 0.26 per cent and BSE Smallcap Index slipped 0.12 per cent.
Amongst the sectoral indices, BSE FMCG Index was up 1.99 per cent, BSE Auto Index gained 0.85 per cent, BSE Bankex advanced 0.48 per cent and BSE Realty Index was moved up 0.18 per cent. BSE Capital Goods Index was down 0.95 per cent and BSE IT Index slipped 0.94 per cent.
Tata Power (4.24%), Reliance Communications (3.19%), Tata Motors (2.88%), Kotak Bank (2.81%) and Hindustan Unilever (2.79%) were amongst the major Nifty gainers.
Reliance Communications subsidiary Flag Telecom has got approval from the Singapore Stock Exchange for its initial public offering of shares.
BHEL (-2.54%), Ambuja Cement (-2.48%), Ranbaxy Laboratories (-2.41%), GAIL (-2.24%) and BPCL (-2.03%) were the major losers.
Shares of Indraprastha Gas (IGL), GAIL and other gas distribution companies were under pressure after Petroleum and Natural Gas Regulatory Board fixed the new tariff and compression charges for IGL. Foreign institutional investors and domestic funds are looking at the development as a big negative surprise.
"The order comes as a significant negative surprise, leading to a potential downside of ~45-65% to our EBITDA. Under this scenario, IGL will struggle to make even normative returns on the capital it has invested in the business," said Citi report.
Market breadth was negative on the NSE with 590 gainers against 713 losers.
The European markets continued to witness selling pressure. FTSE 100 was down 0.78 per cent, CAC 40 fell 1.04 per cent and DAX moved 0.74 per cent lower.
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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