SENSEX 17130.67 -20.62
NIFTY 5189.00 -13.00
USD/INR 0052.59 +00.05
NASDAQ 3030.32 +00.69
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UPDATEDTIME 09.28 PM 26 APRIL 2012
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The Nifty
ended a lacklustre session in the negative terrain as traders rolled over
positions on the last day of the April series expiry. Gains in technology and
FMCG were offset by losses in power, realty and auto. The market seems bearish
and some downward correction may be seen in the May series, according to
analysts.
Benchmarks have been drifting towards the important support levels on the back of outflows from foreign institutional investors on GAAR and tax policy concerns. The market may have shrugged off the S&P outlook revision, but the government needs to take positive action to boost investor confidence.
FIIs sold shares worth Rs 340.84 crore on Wednesday, provisional data shows. In the last three sessions alone, they sold equities worth Rs 1,609.10 crore.
As far as the S&P outlook is concerned, it does not aid sentiment in anyway but it was something that was expected. As far as GAAR is concerned, there has been much uncertainty on the modalities and the FII community cannot afford to be taken up the wrong way.
The sooner clarity comes in, the better it is. We must understand that we are dependent on foreign capital for our markets and for other things and there is no reason why we should upset people who put in their savings and investments in this country.
The Nifty ended at 5,189, down 13 points, or 0.25 percent. It touched an intraday high of 5,215.60 and a low of 5,179.05.
The Sensex closed at 17,130.67, down 20.62 points, or 0.12 percent. It touched an intraday high of 17,193.25 and a low of 17,084.05.
"The April series ended on a flat note on the back of short coverings by FIIs after the Reserve Bank of India cut repo rate. Rollovers seem to be lower on FIIs' lack of participation on concerns of GAAR and retrospective tax policy issues.
The market now depends on government's action for direction. If it takes positive measures on the concerns raised by S&P, then FIIs may turn buyers and the Nifty can surge to 5,600-5,700 otherwise we may move in the 5,150-5,300 band.
The BSE Midcap Index was down 0.31 percent and the BSE Smallcap Index moved 0.41 percent lower.
Among sectoral indices, the BSE Power Index was down 1.46 percent, the BSE Realty Index declined 0.89 percent and the BSE Auto Index was 0.84 percent lower. The BSE IT Index was up 0.41 percent and the BSE FMCG Index advanced 0.25 percent.
Tata Power (3.73%), GAIL (3.66%), Hero MotoCorp (3.10%), BPCL (2.95%) and IDFC (2.76%) were the major Nifty losers.
Kotak Bank (3.16%), Tata Consultancy Services (2.33%), ACC (1.87%), Coal India (1.76%) and ITC (1.55%) were among the major gainers.
The government's inability to take firm steps to bring the fiscal and current deficits under control has been putting pressure on the Indian currency against the US dollar.
The rupee pared intraday gains against the dollar and was at 52.55, down 2 paise, against its previous close of 52.54. It slipped after touching an intraday high of 52.43.
The market breadth was negative on the NSE with 557 gainers against 905 losers.
Benchmarks have been drifting towards the important support levels on the back of outflows from foreign institutional investors on GAAR and tax policy concerns. The market may have shrugged off the S&P outlook revision, but the government needs to take positive action to boost investor confidence.
FIIs sold shares worth Rs 340.84 crore on Wednesday, provisional data shows. In the last three sessions alone, they sold equities worth Rs 1,609.10 crore.
As far as the S&P outlook is concerned, it does not aid sentiment in anyway but it was something that was expected. As far as GAAR is concerned, there has been much uncertainty on the modalities and the FII community cannot afford to be taken up the wrong way.
The sooner clarity comes in, the better it is. We must understand that we are dependent on foreign capital for our markets and for other things and there is no reason why we should upset people who put in their savings and investments in this country.
The Nifty ended at 5,189, down 13 points, or 0.25 percent. It touched an intraday high of 5,215.60 and a low of 5,179.05.
The Sensex closed at 17,130.67, down 20.62 points, or 0.12 percent. It touched an intraday high of 17,193.25 and a low of 17,084.05.
"The April series ended on a flat note on the back of short coverings by FIIs after the Reserve Bank of India cut repo rate. Rollovers seem to be lower on FIIs' lack of participation on concerns of GAAR and retrospective tax policy issues.
The market now depends on government's action for direction. If it takes positive measures on the concerns raised by S&P, then FIIs may turn buyers and the Nifty can surge to 5,600-5,700 otherwise we may move in the 5,150-5,300 band.
The BSE Midcap Index was down 0.31 percent and the BSE Smallcap Index moved 0.41 percent lower.
Among sectoral indices, the BSE Power Index was down 1.46 percent, the BSE Realty Index declined 0.89 percent and the BSE Auto Index was 0.84 percent lower. The BSE IT Index was up 0.41 percent and the BSE FMCG Index advanced 0.25 percent.
Tata Power (3.73%), GAIL (3.66%), Hero MotoCorp (3.10%), BPCL (2.95%) and IDFC (2.76%) were the major Nifty losers.
Kotak Bank (3.16%), Tata Consultancy Services (2.33%), ACC (1.87%), Coal India (1.76%) and ITC (1.55%) were among the major gainers.
The government's inability to take firm steps to bring the fiscal and current deficits under control has been putting pressure on the Indian currency against the US dollar.
The rupee pared intraday gains against the dollar and was at 52.55, down 2 paise, against its previous close of 52.54. It slipped after touching an intraday high of 52.43.
The market breadth was negative on the NSE with 557 gainers against 905 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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