Indian equity benchmarks snapped a six-day upmove on Monday, as traders were cautious at higher levels even as the undertone remains strong. Analysts are of the opinion that valuations look stretched at current levels and the market is currently in a consolidation phase.
“Technically, a bearish ‘Hammer’ pattern is in the making on the Nifty. Key indices are now slowly inching away from the overbought region. But the advance-decline ratio is not showing much strength and the market seems cautious at higher levels,” said a technical analyst from a local brokerage.
Bombay Stock Exchange’s Sensex settled at 16,214.19, lower by 0.31 per cent or 50.11 points from the previous close. The index swung in a range of 16,119.95 and 16,252.18 during the day. National Stock Exchange’s Nifty managed to maintain the 4800 mark with the index finishing at 4808.60, down 0.43 per cent or 20.95 points. It touched a high of 4832.25 and low of 4786.25 in trade so far.
The broader market clearly outperformed the benchmarks. The BSE Smallcap Index climbed 0.15 per cent higher and BSE Midcap Index ended up 0.46 per cent.
Public sector banks were in the limelight on reports of separate meetings with finance ministry officials for additional capital to maintain capital adequacy above 12 percent till fiscal 2012.
Meanwhile, shares of Jet Airways India climbed 5 per cent intra-day on the bourses after the five-day-old stir by its pilots ended and the airline management reached a settlement with the agitators.
Sectorwise, BSE PSU Index edged up 0.93 per cent and BSE Bankex rose 0.49 per cent. BSE Consumer Durables lost 1.06 per cent, followed by BSE Realty Index down 0.79 per cent.
In the realty space, industry major Housing Development and Infrastructure Ltd took a severe beating after Income-Tax department officials conducted raids on the company’s office premises and promoters' residences on Sep 11-12. However, the company denied having evaded taxes but said it would pay tax on additional income of Rs.350 crore following the raids.
"During the course of the raid, HDIL has agreed to offer approximately Rs 350 crore as income to be booked in remaining quarters of financial year 2009-10," the company said in a statement. Income of Rs.350 crore as calculated by ITdepartment is based on initial entries in books of accounts mostly relating to the current financial year, the statement said.
Biggest index gainers were Tata Steel (2.12%), Tata Motors (1.97%), State Bank of India (1.95%), Hindustan Unilever (1.62%) and Mahindra & Mahindra (1.44%).
Losses in Sterlite Industries (-3.55%), Hindalco Industries (-2.46%), Grasim Industries (-2.01%), Reliance Communications (-1.83%) and DLF (-1.67%) kept the 30-share index under pressure.
Market breadth on BSE turned positive towards close with 1,472 advances against 1,310 declines.
At Sampark Online Finserv LLP, we provide financial advice and distribute various investment products with the most efficient & widest range, customized specifically to your NEEDS..@ Whether you are keen on small investments or playing it big, We provide financial advice and distribute various investment/financial products with the most efficient & widest range, customized specifically to your NEEDs.
Subscribe to:
Post Comments (Atom)
Popular Posts
-
Dec 03, 2009 सोने का नया रिकॉर्ड सोना जबरदस्त रफ्तार से दौड़ रहा है। हर रोज नए रिकॉर्ड बन रहे हैं। पिछले 15 दिनों में ही हाजिर बाजार में इ...
-
Those Who Joyfully Leave EVERYTHING IN GOD'S HAND Will Eventually See GOD'S HAND IN EVERYTHING WORRY ENDS, WHERE FAITH BEGI...
-
दोस्तों आपने कछुए और खरगोश की कहानी ज़रूर सुनी होगी, just to remind you; short में यहाँ बता देता हूँ: एक बार खरगोश को अपनी तेज चाल पर घमंड ह...
-
Hope this post helps one and all in understand how important it is to save consistently and regularly. One has no idea of the Power of C...
-
SENSEX-18845 Support-18750/18600/18480 Resistance-18990/19090/19150 NIFTY-5647 Support-5608/5570/5524 Resistance-5693/5720/5757
-
SAMPARK 75(193), G. T. ROAD RAMBANDHU TAKAW OPP-CHOWALAL SCHOOL ASANSOL-713303, (W.B),INDIA JALAN BHAWAN 52 N.S.ROAD...
-
Systematic investment plans (SIPs) are here to stay. Going by the growing number of SIPs, it does look like investors have taken to them...
-
#Yoga and #SIP 1. #Consistency and #Discipline: - Just as yoga requires regular practice, commit to contributing to your SIP co...
-
The market has taken a pause after the steep fall in the early part of the series and has been consolidating in the range of 5380-5500 for t...
-
Here is a list of some useful sites on the Internet : .::. STOCK NSE (National Stock Exchange of India) BSE (Bombay Stock ...
No comments:
Post a Comment