SENSEX 16183.26 +30.51
NIFTY 4906.05 +14.60
USD/INR 0055.01 +00.59
NASDAQ 2814.05 +35.26
UPDATEDTIME 09.28 PM 21 MAY 2012
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The Sensex closed in the positive terrain after shedding
most of its intraday gains as the continuing weakness in the rupee hurt
sentiment. The Indian currency fell to all-time low of 55.04 level following
dollar demand from importers as euro retreated against the dollar. The
partially convertible rupee ended at 55.03 per dollar, down 61 paise, against
its previous close of 54.42.
If the rupee remains weak and trades below the 55 per dollar mark, the Nifty may break the recent support of 4,790 and slip lower, analysts said.
If the rupee opens below 55 tomorrow then you can be sure that the market will go and retest 4,780-4,800 and probably even break it.
The market had opened in the positive terrain on the back of positive sentiment after G8 leaders in a meeting backed to keep Greece in eurozone. The bounceback in previous session also turned technical analysts positive for the near term. However, the rupee played spoilsport.
According to analysts, the market was witnessing a technical bounceback in the absence of fundamental triggers and it may be shortlived.
There is nothing specific that could act as a trigger for the markets on the upmove. Therefore, it is likely that this may be just a short spike in an otherwise downward trend that we are foreseeing.
Considering our own internal issues on fiscal deficit and growth and the way Europe is acting, I do not think the indexes have anything further to move on from here.
The Sensex ended at 16,183.26, up 30.51 points, or 0.19 percent. It touched an intraday high of 16,298.39 and a low of 16,149.61.
The Nifty closed at 4,906.45, up 14.60 points, or 0.30 percent. The broader index touched an intraday high of 4,937.50 and a low of 4,888.50.
The reason for selling to emerge around 4,950 was the rupee depreciation. The Nifty is likely to test 4,840-4,850 and may even slip to 4,800. My sense is that we might not go much below that as we are still oversold on the daily and weekly charts. So we might remain choppy between 4,780 and 4,950. In case, everything is okay and global markets support us, there is a chance that we might give a small breakout to about 5,000 but the upside would be limited.
The BSE Midcap Index was up 0.41 percent and the BSE Smallcap Index moved 0.99 percent higher.
Among sectoral indices, the BSE Capital Goods Index advanced 1.96 percent, the BSE Realty Index moved up 1.90 percent, the BSE Power Index gained 1.27 percent and the BSE Bankex moved 1.08 percent higher. The BSE IT Index declined 1.19 percent and the BSE FMCG Index fell 1.17 percent.
Tata Power (4.49 percent), State Bank of India (3.37 percent), Maruti Suzuki (2.99 percent), BHEL (2.51 percent) and Coal India (2.41 percent) were among the top Sensex gainers.
The decliners included Wipro (2.21 percent), Infosys Technologies (1.71 percent), ITC (1.65 percent), Sterlite Industries (1.19 percent) and Cipla (1 percent).
The market breadth was positive on the BSE with 1,643 gainers against 1,027 losers.
Foreign institutional investors sold equities worth Rs 248.93 crore on Friday, according to provisional stock exchange data. They sold shares worth Rs 989.73 crore in the past four sessions.
If the rupee remains weak and trades below the 55 per dollar mark, the Nifty may break the recent support of 4,790 and slip lower, analysts said.
If the rupee opens below 55 tomorrow then you can be sure that the market will go and retest 4,780-4,800 and probably even break it.
The market had opened in the positive terrain on the back of positive sentiment after G8 leaders in a meeting backed to keep Greece in eurozone. The bounceback in previous session also turned technical analysts positive for the near term. However, the rupee played spoilsport.
According to analysts, the market was witnessing a technical bounceback in the absence of fundamental triggers and it may be shortlived.
There is nothing specific that could act as a trigger for the markets on the upmove. Therefore, it is likely that this may be just a short spike in an otherwise downward trend that we are foreseeing.
Considering our own internal issues on fiscal deficit and growth and the way Europe is acting, I do not think the indexes have anything further to move on from here.
The Sensex ended at 16,183.26, up 30.51 points, or 0.19 percent. It touched an intraday high of 16,298.39 and a low of 16,149.61.
The Nifty closed at 4,906.45, up 14.60 points, or 0.30 percent. The broader index touched an intraday high of 4,937.50 and a low of 4,888.50.
The reason for selling to emerge around 4,950 was the rupee depreciation. The Nifty is likely to test 4,840-4,850 and may even slip to 4,800. My sense is that we might not go much below that as we are still oversold on the daily and weekly charts. So we might remain choppy between 4,780 and 4,950. In case, everything is okay and global markets support us, there is a chance that we might give a small breakout to about 5,000 but the upside would be limited.
The BSE Midcap Index was up 0.41 percent and the BSE Smallcap Index moved 0.99 percent higher.
Among sectoral indices, the BSE Capital Goods Index advanced 1.96 percent, the BSE Realty Index moved up 1.90 percent, the BSE Power Index gained 1.27 percent and the BSE Bankex moved 1.08 percent higher. The BSE IT Index declined 1.19 percent and the BSE FMCG Index fell 1.17 percent.
Tata Power (4.49 percent), State Bank of India (3.37 percent), Maruti Suzuki (2.99 percent), BHEL (2.51 percent) and Coal India (2.41 percent) were among the top Sensex gainers.
The decliners included Wipro (2.21 percent), Infosys Technologies (1.71 percent), ITC (1.65 percent), Sterlite Industries (1.19 percent) and Cipla (1 percent).
The market breadth was positive on the BSE with 1,643 gainers against 1,027 losers.
Foreign institutional investors sold equities worth Rs 248.93 crore on Friday, according to provisional stock exchange data. They sold shares worth Rs 989.73 crore in the past four sessions.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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