April 08, 2011 / 11:26 IST
The benchmark Nifty was seeing sideways trade for the fourth consecutive session though it touched 5850 level on the back of profit booking at 10:33 hours. Oil & gas, technology, auto, power, metal, cement and Anil Dhirubhai Ambani Group companies' shares were dragging the markets down. DLF, SBI and ICICI Bank too were down.
The market has already run up over 10% and consolidation is due, said Sandip Sabharwal CEO of portfolio management services division at Prabhudas Lilladher. "This period of consolidation will not last for long; it may end within the next eight to ten trading sessions at the most. Moreover, the consolidation will be in a very tight (100-150 points) range," he stated.There is still much more steam left, according to him. "This year we will see the market rally much more. It may even surpass the January-2008 high by over 10%. We see the Sensex hovering around 24,000 this year. In fact, in the next three-four months the market will see another rally and go above the November highs," he added.The 30-share BSE Sensex was trading at 19,493, down 98 points and the 50-share NSE Nifty fell 36 points to 5,849, which could be reacting to rising crude oil prices.London Brent crude gained USD 0.8 or 0.7% to trade at USD 123.50 a barrel and Nymex crude rose more than 0.7% to USD 111 a barrel on unrest in Libya. About 40 shares declined out of 50 on Nifty. Bharti Airtel, ITC, Sun Pharma, Ranbaxy Labs, Cairn, HUL and Siemens were only gainers.Among largecaps, Jaiprakash Associates, Tata Motors, Wipro, Hindalco, M&M, BPCL, Reliance Power and Ambuja Cements were the top gainers, with losing 1.5-2.5%.In midcap spcae, Sunteck Realty, Blue Dart, Bajaj Electric, HOEC and Shriram City gained 3-8%. However, KGN Industries, Jai Corp, Indiabulls Real, India Infoline and Patel Engg lost 4-5%.In smallcap space, Zandu Realty, Emami Paper, Manaksia, Camlin and Shree Nath Comm rallied 5-11% while Sarda Energy, Nahar Industrial, Ansal Properties, Hindustan Media and Vascon Engg fell 5-7%.New listing - Shilpi Cable was trading at Rs 63.60, down 7.83% from issue price of Rs 69 a share.Breadth too turned negative for the first time in this week. About 921 shares advanced as against 1572 shares declined on the Bombay Stock Exchange._PAGEBREAK_Nifty volatile; midcaps see modest gainsIndian equity benchmarks bounced back with moderate gains amid volatility on Friday after taking a small break in previous two sessions with marginal fall. The Nifty continued flirting with 5900 mark. Asian markets were quite supportive in trade today.Financial, select metal, pharma, realty and power companies' shares were on buyers' radar.Among frontliners, Ranbaxy Labs, Cairn, NTPC, PNB, HDFC, Axis Bank, Kotak Mahindra Bank, Suzlon Energy, TCS, Reliance Industries, DLF, Reliance Capital, Sterlite and ICICI Bank were leading the markets higher.However, BPCL, Tata Motors and Hero Honda were witnessing selling pressure.New listing - Shilpi Cable Technologies was trading at Rs 83, up 20% over an issue price of Rs 69 a share.At 9:18 hours IST, the 30-share BSE Sensex was trading at 19,626, up 35 points and the 50-share NSE Nifty gained 9 points at 5,894. The CNX Midcap Index rose 13 points to 8,432. Market breadth remains in favour of advances - about 637 shares advanced as against 191 shares declined on National Stock Exchange.Midcap & Smallcap space:Patni Computer was up 1% after open offer from i-Gate.Koutons rallied 7% and Vishal Retail gained 8% on heavy volumes.NDTV gained 3% after Goldman Sachs exited the company by selling 14.2% stake.Hotel Leela rose 0.7%. Dabur rallied 2%. Bharati Shipyard was up 2% and Triveni Engg up 1.5%._PAGEBREAK_Global cues:Asian markets were trading marginally higher. Hang Seng, Nikkei, Straits Times and Kospi gained 0.3-0.9%. Taiwan and Shanghai were flat.The US markets recovered from day's low amid ECB increasing rate for the first time since mid-2008, another earthquake in Japan & oil jumping above USD 110/barrel.ECB raised key interest rate by 25 bps to 1.25%. Bank of England and Bank of Japan kept rates unchanged.Japan's central bank will provide special lending program to companies affected by earthquake.The Dow Jones Industrial Average ended down 17 points at 12,410, after seeing recovery of 80 points from day's low.The NASDAQ Composite was down 4 points at 2,796, after seeing recovery of 15 points from day's low.The S&P 500 Index fell 2 points at 1,333, after seeing recovery of 8 points from day's low.CommoditiesMay crude oil contract went up 1.4% at USD 110.3/barrel - fresh 2.5 years highCrude last traded at these levels back in September, 2008, when crude surged to USD 130/barrelMay natural gas contract was down 2.3% at USD 4.06 per MMBtu - fifth consecutive session sell-off June gold contract went up 0.1% at USD 1459.3/ounceMay silver contract rose 0.4% at USD 39.55 per ounceCoffee futures went up 2.9%.F&O cues: Total Futures Open Int up Rs 453 crore, Total Options Open Int up Rs 2238 croreTotal stock futures Open Int add 2.8 cr shares in Open Int Nifty futures Open Int shed 1.70 lakh shares in Open Int, premium down at 16 pts from 19.2 ptsNifty Open Int PCR down at 1.37 versus 1.36 Total Put adds 13.50 lakh shares, call adds 13.66 lakh shares Highest Open Int outstanding at 6000 call , 5900 call and 5800 put Nifty 5900 call adds 7.89 lakh (15%) shares in Open Int Nifty 5800 put adds 5 lakh (9.73%) shares in Open Int Nifty 5900 put adds 4.95 lakh (15.25%) shares in Open Int Nifty 5500 put adds 4.01 lakh (9.28%) shares in Open Int Nifty May 5200 put adds 1.79 lakh (11.13%) shares in Open Int Nifty 5400 put sheds 5.47 lakh (12%) shares in Open Int Nifty 5600 call sheds 3.64 lakh (25%) shares in Open Int Nifty 5700 call sheds 0.83 lakh (1.5 %) shares in Open Int India VIX down 0.20% at 20.32% Discover the latest Business News, Sensex, and Nifty updates. 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