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Equities ranged; Tier II, III stocks outperform
Posted on: 06-05-2009 , 04:: | DY365 Bureau

“We may witness huge volatility in the benchmark indices and also sideways, choppy session but major action has shifted to the midcap and small cap stocks.

The outlook still remains bullish and one should think of buying on dips. Now, the trading band has become narrow for the Nifty from 3715-3520 and a strong and major reaction will be seen only if Nifty breaks this trading range.

The immediate resistance is at 3715 and intra-day support is placed at 3620-3580. This intermediate uptrend could be in danger only if Nifty trades below 3520,” said brokerage firm Nirmal Bang in a note.

At 10:50 am, National Stock Exchange’s Nifty was trading at 3654.10, down 0.21 per cent or 7.8 points. The index touched a high of 3666.80 and low of 3637.60 in trade so far.

Bombay Stock Exchange’s Sensex lost 0.58 per cent or 70.53 points to 12,060.55. The index moved in a range of 12,126.66 and 12,040.63.

A clear shift of interest to the midcap and smallcap space has been observed with the sectoral indices outperforming the benchmarks. The BSE Midcap Index was up 0.78 per cent and BSE Smallcap Index rose 1.1 per cent.

Biggest Sensex gainers comprised Hindalco Industries (3.06%), Reliance Communications (2.49%), Tata Power (1.78%), ONGC (1.21%) and Grasim Industries (0.85%).

ICICI Bank (-3.51%), Tata Consultancy Services (-2.68%), Sterlite Industries (-2.17%), Mahindra & Mahindra (-2.15%) and Infosys Technologies (-1.8%) posted losses.

Shares of Mahindra & Mahindra took a beating after it said workers at its Nasik plant in began a strike which would temporarily affect production.

Market breadth remained positive on the back of buying activity in the broader market. On the BSE, advances numbered 1091 while there were 599 declines. On NSE, 757 advances outnumbered 324 declines.


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