Post Market Session Analysis for Apr 08, 2011

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The domestic bourses ended the last trading session of the week on a weak note as the benchmark indices broke the narrow range in which it was trading for the last three sessions, with the benchmark Nifty closing below the 5,850 mark. During the morning trade, the Asian stocks swung between gains and losses. Asian bourses finished off the session on a positive note amidst speculation that damage from yesterday"s 7.1 magnitude earthquake in Japan has limited impact and the engineering companies may benefit from efforts to rebuild the country.

Soon after a positive start, the benchmark indices plunged into the negative terrain. As the day progressed, the market entered into a sideways trend below the baseline. The benchmark Nifty was seen dipping below the 5,850 mark which acted as a solid support during the past three sessions. The sentiment in the domestic front was negated as the crude oil prices surged after IMF warned that the global economy is on the verge of entering a new era of oil scarcity that could give new highs to the crude prices. Further, the investors remained cautious and booked profit on speculation that the RBI may hike rates again in its monetary policy statement in the month of May. The positive opening for the European bourses had failed to make any impact in the domestic arena.

In the sectoral front, the Realty space which gained for the last eight trading sessions was the major laggard during the session, declining by 2.52%. Further, the Auto, CD and PSU space also dampened the sentiment, plunging by 1.87%, 1.48% and 1.37%, respectively. Both the Nifty and Sensex witnessed extreme weakness throughout the session and finally closed with more than 0.50% losses each. The negative closing for the overnight US market failed to make any impact on the domestic stocks during morning trade. The Dow Jones Industrial Average (DJIA) closed with a loss of 17.26 points or 0.14% at 12,409.49 while NASDAQ index finished lower by 3.68 points or 0.13% to 2,796.14. The S&P 500 (SPX) closed down by 2.03 points or 0.15% to 1,333.51.

Among the Sensex pack, 25 stocks ended in negative while only 5 stocks ended in the positive terrain. However, the overall market breadth remained negative, as out of total shares traded 3064, shares advanced were 1024 while 1952 shares declined and 88 were unchanged.

The BSE Sensex closed at 19,451.45, down by 139.73 points or by 0.71 % and then NSE Nifty was at 5,842 down by 43.7 points or by 0.74 %. The BSE MIDCAP was at 7173.5 down by 90.79 points or by 1.25 %, while the BSE SMLCAP was at 8,772.55 down by 124.64 points or by 1.4 %. The BSE Sensex touched intraday high of 19,697.21 and intraday low of 19,388.42.

The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 362.05, 1.56%), ITC Ltd. (Rs. 184.10,0.88%), Larsen & Toubro Ltd. (Rs. 1675.65,0.51%), Bharat Heavy Electricals Ltd. (Rs. 2200.75,0.18%), Hindustan Unilever Ltd. (Rs. 276.35,0.11%), among others.

The top losers of the BSE Sensex pack were Jaiprakash Associates Ltd. (Rs. 94.50,3.77%), DLF Ltd. (Rs. 259.45,3.73%), Hindalco Industries Ltd. (Rs. 209.50,2.99%), Tata Motors Ltd. (Rs. 1254.95,2.84%), Reliance Infrastructure Ltd. (Rs. 677.75,2.12%), among others. On the economic front, India is not planning to ban food imports from Japan immediately before items are checked for radioactive contamination and found positive .However to be on the safer side, all food imports will now need mandatory 'no-radiation' certification from the Japanese authorities and also need to undergo radiation checks once they enter India.

The International Monetary Fund has issued warning that the global economy is on the verge of entering a new era of oil scarcity that could give new highs to the crude prices. As per a new analysis report of IMF, increasing demand for oil from fast-growing emerging market economies, like China, and production constraints due t

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