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Equities snap 3-day losing streak

This article was posted on Jun 16, 2009 and is filed under Stock News

MUMBAI: The jittery sentiment across overseas markets failed to deter Indian equities which made way for a positive close Tuesday, snapping from a three day losing streak. Volatility was at its best with equity benchmarks making a weak start, then surging to the day’s high, and finally finishing with decent gains.

“Money was clearly waiting on the sidelines and the three-day down move was used as an opportunity by investors to enter the market,” said Sunil Jain, head of research at Nirmal Bang Securities, reasoning the surge in intra-day trade.

Bombay Stock Exchange’s Sensex settled at 14,957.91, up 82.39 points or 0.55 per cent. The index touched an intra-day high of 15,022.19 and low of 14621.97.

National Stock Exchange’s Nifty closed at 4517.80, higher by 33.8 points or 0.75 per cent. The broader index hit an intra-day high of 4537.95 and low of 4405.95.

But the standout performers continued to be stocks in the midcap and smallcap space. The BSE Midcap Index climbed 2.21 per cent and BSE Smallcap Index advanced 2.11 per cent.

“Massive buying was witnessed in the broader market. Even the frontline counters were in demand, especially the banking pack. The only hitch was the fall in Reliance Industries which continued for the second day after RNRL won the gas supply dispute. Overall, the market momentum continues to be strong. 4365 offers a strong support on the Nifty while resistance lies at 4693, which if crossed, will see further upside to 4789 and later 4926 levels,” said Suruchi Kapoor, technical analyst at Emkay Global Financial Services.

Reliance Infrastructure (6.14%), State Bank of India (4.39%), Jaiprakash Associates (4.07%), Tata Steel (3.88%) and Tata Power (3.66%) were the biggest Sensex gainers.

TCS, down 50 per cent, was the biggest loser in the Sensex pack as the company goes ex- bonus. Sterlite Industries (-4.42%), Reliance Industries (-1.78%), Bharti Airtel (-1.3%), Wipro (-1.18%) and BHEL (-0.35%) were the other losers.

Reliance Industries fell for the second day after Bombay High Court asked the company to sell gas at half the government-approved price to Reliance Natural Resources. The stock ended at Rs 2141.60, down 1.83 per cent on the BSE.

Sector wise, BSE Bankex, up 2.26 per cent, was the biggest gainer followed by BSE Power up 1.92 per cent and BSE Metal up 1.81 per cent. BSE Oil & Gas was the only sectoral loser, settling 0.98 per cent lower.

The advance decline ratio considerably improved in afternoon trade with 1,642 advancing shares outnumbering 1,007 declining ones on BSE.

source: Economictimes

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