SENSEX 17373.84 -129.87
NIFTY 5290.85 -41.55
USD/INR 0052.00 +00.21
NASDAQ 3029.00 +21.44
|
UPDATEDTIME 09.28 PM 20 APRIL 2012
|
The National Stock Exchange's Nifty snapped its four-day winning
streak and closed below psychological support levels led by a decline in the
power, capital goods, realty and oil and gas sectors following a sharp decline
in the afternoon.
According to dealers, 'freak trades' in Infosys Technologies futures and Nifty futures could be the reason for the sudden fall in the spot indices.
"Nobody knows the exact reason for the sharp fall. It must be a technical punching error while executing the order or an algorithm trade error," a derivative analyst said.
Meanwhile, the National Stock Exchange ruled out any systems error.
Post market hours, Reliance Industries declares its quarterly results for the fourthe quarter which were in line with street expectations.
Reliance Industries Ltd (RIL) reported a decline of 21.20 percent in its net profit, which stood at Rs.4,236 crore in the fourth quarter of 2011-12 compared to Rs.5,376 crore in the corresponding period of 2010-11.
The company's total income rose by 18.86 percent to Rs.87,477 crore in January-March quarter as compared to Rs.73,591 crore in the corresponding quarter 2010-11.
The share price of RIL stock was down 1.39 percent or 10.30 points at Rs.731.45 at the Bombay Stock Exchange (BSE).
A freak trade was seen on Infosys April futures which fell to an intraday low of Rs 1,950 while Infosys May futures witnessed an intraday low of Rs 2,360 and the Infosys spot intraday low was at Rs 2,360.
In the afternoon a similar freak trade was seen on Nifty April Futures pulling it down to 5,000. Nifty May futures' intraday low was 5,248 and Nifty spot's intraday low was 5,245.
Apart from the 'freak trade' the market remained lacklustre throughout the session as investors stayed away on concerns of economic reforms back home after the Prime Minister's Chief Economic Advisor, Kaushik Basu, said major economic reforms in India were unlikely to happen before the 2014 parliamentary elections.
Foreign institutional investors have been also a worried lot over the lack of clarity on proposed the General Anti-Avoidance Rules (GAAR) in the budget.
"The reason why Nifty is holding at around the current level is probably the uncertainty on tax issues. FIIs which were huge buyers until 31 March - about $8-9 billion has been already invested from January to March - reduced their flows significantly post budget. As they await some clarity on tax issues.
Probably, over the next two months you would see more clarity from this tax perspective. I believe that 15-18% upside on the Sensex over the next 12 months is not going to be a difficult target compared to what we have seen the last year.
The Sensex ended at 17,373.84, down 129.87 points, or 0.74 per cent. It touched an intraday high of 17,519.88 and a low of 17,231.34.
The National Stock Exchange's Nifty closed at 5,290.85, down 41.55 points, or 0.78 per cent. It touched an intraday high of 5,336.15 and a low of 5,245.45.
Nifty is trading sideways between 5150-5380 and until we cross this range no major directional view can be interpreted. On a crossover of this range on either side, we may see 200-250 points move on the index.
The BSE Midcap Index was down 0.98 per cent and the BSE Smallcap Index slipped 0.47 per cent.
Among sectoral indices, the BSE Capital Goods Index was down 1.84 per cent, the BSE Power Index declined 1.72 per cent, the BSE Realty Index fell 1.68 per cent and the BSE Oil and Gas Index slipped 1.30 per cent. The BSE FMCG Index was up 0.11 per cent and the BSE Auto Index gained 0.08 per cent.
IDFC (-3.30%), Jaiprakash Associates (-2.87%), Siemens (-2.52%), Hindalco Industries (-2.50%) and Jindal Steel (-2.42%) were among the Nifty losers.
M&M (2.75%), Wipro (1.01%), Cipla (0.70%), ITC (0.64%) and Tata Steel (0.62%) were the major gainers.
In another development, a panel appointed by the Supreme Court recommended that the apex court direct CBI to look into linkages between the donation of Rs 10 crore made by South West Mining, an associate firm of JSW group, and an alleged receipt of illegal mineral ore by JSW Steel and alleged favours shown to it in respect of Mysore Minerals.
Shares of the company closed 1.6% lower at Rs 750.55. It touched an intra-day high of Rs 767.80 and a low of Rs 740.60.
According to dealers, 'freak trades' in Infosys Technologies futures and Nifty futures could be the reason for the sudden fall in the spot indices.
"Nobody knows the exact reason for the sharp fall. It must be a technical punching error while executing the order or an algorithm trade error," a derivative analyst said.
Meanwhile, the National Stock Exchange ruled out any systems error.
Post market hours, Reliance Industries declares its quarterly results for the fourthe quarter which were in line with street expectations.
Reliance Industries Ltd (RIL) reported a decline of 21.20 percent in its net profit, which stood at Rs.4,236 crore in the fourth quarter of 2011-12 compared to Rs.5,376 crore in the corresponding period of 2010-11.
The company's total income rose by 18.86 percent to Rs.87,477 crore in January-March quarter as compared to Rs.73,591 crore in the corresponding quarter 2010-11.
The share price of RIL stock was down 1.39 percent or 10.30 points at Rs.731.45 at the Bombay Stock Exchange (BSE).
A freak trade was seen on Infosys April futures which fell to an intraday low of Rs 1,950 while Infosys May futures witnessed an intraday low of Rs 2,360 and the Infosys spot intraday low was at Rs 2,360.
In the afternoon a similar freak trade was seen on Nifty April Futures pulling it down to 5,000. Nifty May futures' intraday low was 5,248 and Nifty spot's intraday low was 5,245.
Apart from the 'freak trade' the market remained lacklustre throughout the session as investors stayed away on concerns of economic reforms back home after the Prime Minister's Chief Economic Advisor, Kaushik Basu, said major economic reforms in India were unlikely to happen before the 2014 parliamentary elections.
Foreign institutional investors have been also a worried lot over the lack of clarity on proposed the General Anti-Avoidance Rules (GAAR) in the budget.
"The reason why Nifty is holding at around the current level is probably the uncertainty on tax issues. FIIs which were huge buyers until 31 March - about $8-9 billion has been already invested from January to March - reduced their flows significantly post budget. As they await some clarity on tax issues.
Probably, over the next two months you would see more clarity from this tax perspective. I believe that 15-18% upside on the Sensex over the next 12 months is not going to be a difficult target compared to what we have seen the last year.
The Sensex ended at 17,373.84, down 129.87 points, or 0.74 per cent. It touched an intraday high of 17,519.88 and a low of 17,231.34.
The National Stock Exchange's Nifty closed at 5,290.85, down 41.55 points, or 0.78 per cent. It touched an intraday high of 5,336.15 and a low of 5,245.45.
Nifty is trading sideways between 5150-5380 and until we cross this range no major directional view can be interpreted. On a crossover of this range on either side, we may see 200-250 points move on the index.
The BSE Midcap Index was down 0.98 per cent and the BSE Smallcap Index slipped 0.47 per cent.
Among sectoral indices, the BSE Capital Goods Index was down 1.84 per cent, the BSE Power Index declined 1.72 per cent, the BSE Realty Index fell 1.68 per cent and the BSE Oil and Gas Index slipped 1.30 per cent. The BSE FMCG Index was up 0.11 per cent and the BSE Auto Index gained 0.08 per cent.
IDFC (-3.30%), Jaiprakash Associates (-2.87%), Siemens (-2.52%), Hindalco Industries (-2.50%) and Jindal Steel (-2.42%) were among the Nifty losers.
M&M (2.75%), Wipro (1.01%), Cipla (0.70%), ITC (0.64%) and Tata Steel (0.62%) were the major gainers.
In another development, a panel appointed by the Supreme Court recommended that the apex court direct CBI to look into linkages between the donation of Rs 10 crore made by South West Mining, an associate firm of JSW group, and an alleged receipt of illegal mineral ore by JSW Steel and alleged favours shown to it in respect of Mysore Minerals.
Shares of the company closed 1.6% lower at Rs 750.55. It touched an intra-day high of Rs 767.80 and a low of Rs 740.60.
Regards
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