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Stock Markets Stock Markets In its latest research report, Nirmal Bang, an equity research firm said that Reliance Power can give good returns in 4-5 trading sessions.
Stock Markets Stock Markets In its latest research report, Nirmal Bang, an equity research firm said that Reliance Power can give good returns in 4-5 trading sessions.
| In its latest research report, Nirmal Bang, an equity research firm said that Reliance Power can give good returns in 4-5 trading sessions. |
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| Written by Ajay Gupta |
| Monday, 15 June 2009 17:20 |
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FMCG, banking and PSU stocks were providing support to the market while Oil & gas, auto and metals capped gains. Traders were expecting market friendly budget from the government and hence sentiments were bullish despite poor performance by the Asian markets, said dealers. “US markets closed up while Asian markets are negative. Most Asian stocks declined, led by commodity companies, after metals and oil prices fell. Japanese automakers rose as a weakening yen boosted earnings prospects. Our markets have rallied significantly with supply seen at higher levels. We believe that markets might pause at current levels for sometime, though we are likely to see stock specific action. For the day we expect the market to open down with some buying at lower levels,” said Religare Securities report. At 12:50 am, Sensex, which has lost nearly 230 points in the last two sessions, stood at 14,980.64, down 257.30 points or 1.69 per cent. The index touched an intra-day low of 15,261.03 and a low of 14,972.41 National Stock Exchange’s Nifty lost 52.00 points, or 1.13% at 4,531.40. The broader index hit a high of 4,601.05 and a low of 4,522.95. (12.50 p.m.) “Trend deciding level for the day is 4614 / 15338. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4662 / 15501. However, if Nifty trades below 4614 / 15338 for the first half-an-hour of trade then it may correct up to 4535 – 4487 / 15075 – 14911,” said Angel Broking note. BSE Midcap Index was down 1.11 per cent and BSE Smallcap Index slipped 1.06 per cent. Among the sectoral indices, BSE Oil & gas declined 3.66 per cent, BSE Metal fell 2.43%, Auto and Capital goods were down by more than 1% each. The top gainers in the Sensex pack included Reliance Energy (2.90%), NTPC (2.80%), Oil & Natural Gas Corporation (2.08%), Ranbaxy Laboratories (1.81%), Tata Consultancy Services (1.58%), and Hindustan Unilever (1.47%). Sterlite Industries (India) (6.84%), Reliance Industries (6.66%), Tata Power Company (5.19%), Tata Motors (4.00%), Tata Steel (3.14%), and Mahindra & Mahindra (3.10%) were the major losers in the Sensex. Asian stocks fell down, led by commodity companies, after metals and oil prices went down. Japanese benchmark index Nikkei dropped 96.15 points to trade at 10,039.67. Hong Kong’s Hang Seng index declined 211.63 points to trade at 18,676.71 and China’s Shanghai Composite surged 45.79 points to trade at 2,789.55 (12.55 p.m, IST). |