SENSEX 17134.25 +03.58
NIFTY 5190.60 +01.60
USD/INR 0052.59 +00.05
NASDAQ 3061.83 +11.22
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UPDATEDTIME 09.28 PM 27 APRIL 2012
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The Sensex ended
a volatile session on a flat note as institutional investors, worried over the
government's inaction to handle the fiscal and current account deficits
continued to remain on the sidelines. FII inflows dried up in April
on concerns related to GAAR and tax issues. They sold shares worth Rs
1985.18 crore in the past four sessions, according to provisional data from
stock exchanges.
Analysts are of the view that the government should take note of the recent revision in India's outlook by S&P seriously or else FIIs may abstain from investing in the country.
"If the government is unable to address the fiscal and current account deficit issues, then in six to nine months there is a possibility of a downgrade. As of now, our rating is one notch above junk and if it is downgraded to junk, then many large institutional investors will not invest.
This will also impact the cost of foreign borrowing for corporates. So the government should take the signal and make sure that in this year prudent measures are taken to bring the fiscal and current account deficit under control.
HSBC maintained an "overweight" rating on Indian equities, but added that trading volumes by FIIs "crashed" after the government introduced tax proposals in the Union Budget.
The Sensex closed at 17,134.25, up 3.58 points, or 0.02 percent. It touched an intraday high of 17,242.15 and a low of 17,022.09
The Nifty ended at 5,190.60, up 1.60 points, or 0.03 percent. It touched an intraday high of 5,223.05 and a low of 5,154.30.
Nifty future, for the third consecutive day, had a choppy session and closed flat near 5,209. Increase in open interest suggests lack of direction in the market. Volumes were low by around 40 percent compared to the previous day.
Nifty future on the upside has immediate resistance at around the 5,260 levels. If it sustains this resistance, some short covering towards 5,320 can be seen. On the downside, it holds important support around the 5,150 levels (200-days SMA). A breakdown below this would indicate the first signs of caution and may witness further a downside towards 5,080-5,050 levels.
The BSE Midcap Index was down 0.11 percent and the Smallcap Index slipped 0.42 percent.
Among sectoral indices, the BSE FMCG Index was down 0.84 per cent, the BSE Metal Index declined 0.83 percent and the BSE Realty Index slipped 0.83 percent. The BSE IT Index was up 1.20 percent and the BSE Bankex advanced 0.16 percent.
Coal India (2.24%), State Bank of India (1.55%), BHEL (1.47%), Bajaj Auto (1.43%) and Jindal Steel (1.41%) were among the major Sensex losers.
ICICI Bank (2.28%), Hindalco Industries (2.15%), GAIL (1.53%), Infosys Technologies (1.36%) and M&M (1.21%) were among the top gainers.
ICICI Bank reported a net profit of Rs 1,902 crore for the quarter ended March 2012 compared to Rs 1,452 crore in the same period a year ago. Net interest income increased to Rs 3,100 crore for the quarter against Rs 2,509.7 crore in the same quarter last fiscal.
According to Dilip Bhat, Joint Managing Director, Prabhudas Lilladher, the bank's quarterly results were a pleasant surprise. "ICICI Bank is set for a rise of almost up to the Rs 950-960 from the current levels.
The market breadth was negative on the BSE with 1,023 gainers against 1,113 losers.
Note: The National Stock Exchange is upgrading its futures and options trading system and, hence, the exchange is conducting a special live trading session on Saturday, April 28, 2012 in the F&O and capital market segments.
The market will open for trading between 11:15 a.m. to 12:45 p.m.
Analysts are of the view that the government should take note of the recent revision in India's outlook by S&P seriously or else FIIs may abstain from investing in the country.
"If the government is unable to address the fiscal and current account deficit issues, then in six to nine months there is a possibility of a downgrade. As of now, our rating is one notch above junk and if it is downgraded to junk, then many large institutional investors will not invest.
This will also impact the cost of foreign borrowing for corporates. So the government should take the signal and make sure that in this year prudent measures are taken to bring the fiscal and current account deficit under control.
HSBC maintained an "overweight" rating on Indian equities, but added that trading volumes by FIIs "crashed" after the government introduced tax proposals in the Union Budget.
The Sensex closed at 17,134.25, up 3.58 points, or 0.02 percent. It touched an intraday high of 17,242.15 and a low of 17,022.09
The Nifty ended at 5,190.60, up 1.60 points, or 0.03 percent. It touched an intraday high of 5,223.05 and a low of 5,154.30.
Nifty future, for the third consecutive day, had a choppy session and closed flat near 5,209. Increase in open interest suggests lack of direction in the market. Volumes were low by around 40 percent compared to the previous day.
Nifty future on the upside has immediate resistance at around the 5,260 levels. If it sustains this resistance, some short covering towards 5,320 can be seen. On the downside, it holds important support around the 5,150 levels (200-days SMA). A breakdown below this would indicate the first signs of caution and may witness further a downside towards 5,080-5,050 levels.
The BSE Midcap Index was down 0.11 percent and the Smallcap Index slipped 0.42 percent.
Among sectoral indices, the BSE FMCG Index was down 0.84 per cent, the BSE Metal Index declined 0.83 percent and the BSE Realty Index slipped 0.83 percent. The BSE IT Index was up 1.20 percent and the BSE Bankex advanced 0.16 percent.
Coal India (2.24%), State Bank of India (1.55%), BHEL (1.47%), Bajaj Auto (1.43%) and Jindal Steel (1.41%) were among the major Sensex losers.
ICICI Bank (2.28%), Hindalco Industries (2.15%), GAIL (1.53%), Infosys Technologies (1.36%) and M&M (1.21%) were among the top gainers.
ICICI Bank reported a net profit of Rs 1,902 crore for the quarter ended March 2012 compared to Rs 1,452 crore in the same period a year ago. Net interest income increased to Rs 3,100 crore for the quarter against Rs 2,509.7 crore in the same quarter last fiscal.
According to Dilip Bhat, Joint Managing Director, Prabhudas Lilladher, the bank's quarterly results were a pleasant surprise. "ICICI Bank is set for a rise of almost up to the Rs 950-960 from the current levels.
The market breadth was negative on the BSE with 1,023 gainers against 1,113 losers.
Note: The National Stock Exchange is upgrading its futures and options trading system and, hence, the exchange is conducting a special live trading session on Saturday, April 28, 2012 in the F&O and capital market segments.
The market will open for trading between 11:15 a.m. to 12:45 p.m.
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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