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Nifty near 3600

 Featured, Markets  2 Responses »
May 122009
 

bombay stockexchange IIP data and weak opening of European markets. IT and
banks led the rally while capital goods and metals were the losers.

Industrial production fell by 2.3 per cent in March from 5.5 per cent rise in the same month of 2008. The worst hit was capital goods sector which fell 8.2 per cent against growth 20.3 per cent in the same period a year ago. According to market experts, the worst is over and growth will pick up.

At 12:51, National Stock Exchange’s Nifty was at intra-day high of 3591.65, up 37.05 points or 0.90 per cent. The index touched an intra-day low of 3534.20 in trade so far.

Bombay Stock Exchange’s Sensex was at 11,824.20, up 154.02 points or 1.32 per cent. The index touched an intra-day high of 11837.01 and low of 11625.39.

“Indices which failed to cross mentioned hurdle of 3690-3700 earlier gave off sharply in past two trading session making above mentioned levels extremely important in near term. On a positive side, FII turned net buyer as per provisional figures in yesterday’s trade. Support on lower side exist around 3470 levels of Nifty. As mentioned earlier, Traders need to remain extremely cautious and keep strict trailing stop loss on all long positions and execute the same in case they get hit.

As for intraday trades, we would once again re-iterate our earlier view. Stock specific volatility will continue to prevail. Support for the day exists around levels of 3470-3480 range. While hurdle continues to remain around levels of 3575-3585 range on higher side,” said Reliance Money report.

BSE Midcap Index was down 0.57 per cent and BSE Smallcap Index was up 0.07 per cent.

Biggest Nifty gainers were Wipro (4.56%), Nalco (4.31%), Hindalco (3.74%), Infosys Technologies (3.64%) and Punjab National Bank (3.52%).

Losers comprised Hero Honda (-3.43%), Suzlon (-3.2%), Tata Steel (-2.62%), Siemens (-2.53%) and SAIL (-2.12%).

Market breadth on BSE favoured declines with 1197 declining shares outnumbering 1044 advances.

European markets opened weak following decline in banking space. FTSE 100 was down 0.23 per cent, CAC 40 slipped 0.45 per cent and DAX declined 0.55 per cent.

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Golds are flats on lack of fresh cubes

 Featured, Markets  No Responses »
May 122009
 

ficom21
Gold futures were flat on Tuesday on lack of fresh cues, with investors awaiting cues from the U.S. dollar for direction, analysts said.

The most traded June contract was 0.04 percent higher at 14,576 rupees per 10 grams at 11:21 a.m. “Market is not showing any direction. It is neither a buyer’s or seller’s market,

The dollar edged down against a basket of currencies towards Monday’s four-month low but held firm versus the euro, with investors taking profits from gains in other riskier currencies that had been lifted by optimism about the U.S. banking system.

“It may consolidate and then rise to 14,700/14,750 rupees, investors would wait for U.S. international trade data due later in the day. Open interest for June gold on MCX was at 15,503 lots, up from 15,416 a day .

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