SENSEX 17392.39 +34.45
NIFTY 5300.00 +10.30
USD/INR 0051.79 +00.25
NASDAQ 3032.08 -10.74
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UPDATEDTIME 09.28 PM 18 APRIL 2012
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The
National Stock Exchange's Nifty pared most of the intraday gains and
closed on flat-to-positive note as negative cues from European markets dampened
sentiments.
In absence of any major trigger post Reserve Bank of India's policy review, the market is likely to follow global trend and depend on liquidity for direction. Clarity on GAAR and policy decisions from the Central Government may drive Indian markets in near future.
"There are much bigger worries that probably investors have on their mind before they commit serious money into the markets. Till some of these issues, particularly the GAAR issue gets off the back I do not think lot of long term serious money is going to come into our market.
Meanwhile, CLSA has cut its target for Bombay Stock Exchange's Sensex to 19000 from 20000 citing risks such as the widening current account and fiscal deficits, as well as the uncertainty over foreign taxation, say reports.
However, CLSA has maintained its "Overweight" rating on the index.
The Nifty closed at 5300, up 10.30 points or 0.19 per cent. It touched a high of 5342 and low of 5293.45 in trade today.
The Sensex ended at 17392.39, up 34.45 points or 0.20 per cent. It touched intraday high of 17522.80 and low of 17371.93.
According to analysts, the market is likely to remain rangebound with stock specific action in the midst of earnings season.
"We stick with rangebound scenario and outlook for sometime to come. Maybe with the expiry, the market will give a signal as to where it wants to breakout above the 5350 mark or go below the 5180-5150 mark. So with critical events behind us, for the next few days we are still in that range," said Mitesh Thacker, Technical Analyst, miteshthacker.com
BSE Midcap Index was up 0.46 per cent and BSE Smallcap Index moved 0.50 per cent higher.
Amongst the sectoral indices, BSE Auto Index was up 1.52 per cent, BSE Healthcare Index gained 1.01 per cent and BSE Oil&gas Index advanced 0.77 per cent. BSE Realty Index moved 0.97 per cent lower, BSE FMCG Index was down 0.53 per cent and BSE Capital Goods declined 0.27 per cent.
ACC (3.45%), Tata Power (2.83%), HCL Tech (2.79%), Cairn India (2.78%) and Ambuja Cement (2.78%) were the major Nifty gainers.
HCL Technologies posted a 28.7 per cent increase in net profit at Rs 602.5 crore for the quarter ended March 31, 2012. The company had posted a net profit of Rs 468.2 crore in the January-March quarter of the last fiscal (2010-11). The company's revenues for the reported quarter were up 26 per cent at Rs 5,215.6 crore from Rs 4,138.2 crore in Q3 of FY11.
"HCL Technologies reported a modest set of numbers and definitely better than Infosys. The most remarkable thing of the result was deal bookings (excluding contract renewals) of US$1.5bn plus across 14 customers in 3QFY2012.
Also, HCL Tech has won orders worth US$2.5bn plus in the last six months across 32 customers and 88% percent of these were from the world's top 2,000 companies. Most of these large deals have come from vendor consolidation exercise going on across the globe which is leading to vendor churn. Also, addition of one more client in US$100+ plus revenue bracket was also a positive surprise.
Overall the results were healthy with modest growth outlook. The management sounded cautious but not as much as other large peers were sounding which signals that the situation out there is not that bleak. This company remains one of our preferred picks.
HDFC Bank Ltd closed 1.4% higher after India's third largest lender by assets, reported a 30.3 per cent rise in fourth-quarter net profit, beating analyst forecasts.
The Mumbai-based bank's net profit was Rs 1453 crore ($282 million) in the fiscal fourth quarter ended March 31 compared with Rs 1114.7 crore reported a year earlier.
HDFC Bank faces crucial resistance at Rs 542 and has good support at 520-515 levels. The under current is positive and on close above Rs 542 for two consecutive sessions, the stock has potential to move higher up to Rs 560-565.
Buy in the range of Rs 520-515 with a stoploss of Rs 500.
Reliance Communications (-2.81%), DLF (-2.46%), IDFC (-1.79%), Axis Bank (-1.75%) and ITC (-1.54%) were the major index losers.
In absence of any major trigger post Reserve Bank of India's policy review, the market is likely to follow global trend and depend on liquidity for direction. Clarity on GAAR and policy decisions from the Central Government may drive Indian markets in near future.
"There are much bigger worries that probably investors have on their mind before they commit serious money into the markets. Till some of these issues, particularly the GAAR issue gets off the back I do not think lot of long term serious money is going to come into our market.
Meanwhile, CLSA has cut its target for Bombay Stock Exchange's Sensex to 19000 from 20000 citing risks such as the widening current account and fiscal deficits, as well as the uncertainty over foreign taxation, say reports.
However, CLSA has maintained its "Overweight" rating on the index.
The Nifty closed at 5300, up 10.30 points or 0.19 per cent. It touched a high of 5342 and low of 5293.45 in trade today.
The Sensex ended at 17392.39, up 34.45 points or 0.20 per cent. It touched intraday high of 17522.80 and low of 17371.93.
According to analysts, the market is likely to remain rangebound with stock specific action in the midst of earnings season.
"We stick with rangebound scenario and outlook for sometime to come. Maybe with the expiry, the market will give a signal as to where it wants to breakout above the 5350 mark or go below the 5180-5150 mark. So with critical events behind us, for the next few days we are still in that range," said Mitesh Thacker, Technical Analyst, miteshthacker.com
BSE Midcap Index was up 0.46 per cent and BSE Smallcap Index moved 0.50 per cent higher.
Amongst the sectoral indices, BSE Auto Index was up 1.52 per cent, BSE Healthcare Index gained 1.01 per cent and BSE Oil&gas Index advanced 0.77 per cent. BSE Realty Index moved 0.97 per cent lower, BSE FMCG Index was down 0.53 per cent and BSE Capital Goods declined 0.27 per cent.
ACC (3.45%), Tata Power (2.83%), HCL Tech (2.79%), Cairn India (2.78%) and Ambuja Cement (2.78%) were the major Nifty gainers.
HCL Technologies posted a 28.7 per cent increase in net profit at Rs 602.5 crore for the quarter ended March 31, 2012. The company had posted a net profit of Rs 468.2 crore in the January-March quarter of the last fiscal (2010-11). The company's revenues for the reported quarter were up 26 per cent at Rs 5,215.6 crore from Rs 4,138.2 crore in Q3 of FY11.
"HCL Technologies reported a modest set of numbers and definitely better than Infosys. The most remarkable thing of the result was deal bookings (excluding contract renewals) of US$1.5bn plus across 14 customers in 3QFY2012.
Also, HCL Tech has won orders worth US$2.5bn plus in the last six months across 32 customers and 88% percent of these were from the world's top 2,000 companies. Most of these large deals have come from vendor consolidation exercise going on across the globe which is leading to vendor churn. Also, addition of one more client in US$100+ plus revenue bracket was also a positive surprise.
Overall the results were healthy with modest growth outlook. The management sounded cautious but not as much as other large peers were sounding which signals that the situation out there is not that bleak. This company remains one of our preferred picks.
HDFC Bank Ltd closed 1.4% higher after India's third largest lender by assets, reported a 30.3 per cent rise in fourth-quarter net profit, beating analyst forecasts.
The Mumbai-based bank's net profit was Rs 1453 crore ($282 million) in the fiscal fourth quarter ended March 31 compared with Rs 1114.7 crore reported a year earlier.
HDFC Bank faces crucial resistance at Rs 542 and has good support at 520-515 levels. The under current is positive and on close above Rs 542 for two consecutive sessions, the stock has potential to move higher up to Rs 560-565.
Buy in the range of Rs 520-515 with a stoploss of Rs 500.
Reliance Communications (-2.81%), DLF (-2.46%), IDFC (-1.79%), Axis Bank (-1.75%) and ITC (-1.54%) were the major index 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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