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Sensex turns choppy; JP Associates, ONGC up
Posted on: 08-05-2009 , 04:: | DY365 Bureau

Traders continued to take positions in the broader markets.

“With the results of the US banks’ stress tests over, the market will now be focusing on the outcome of the Lok Sabha elections. The counting is slated for May 16. It is tough to take any call on which alliance will form the next government. Most parties will decide the course of action post the results. A slew of regional parties will hold the key to determining which coalition wins the race to parliament. Till then there will be a lot of uncertainty and media conjecture.

Coming to today’s trade, the market is likely to open on a cautious note as the global cues are not that great. US stocks closed lower despite the stress tests results being better than expected. European indices too declined and most Asian markets are flat to negative. The overall trend today will remain sideways with a slightly negative bias. Global markets will continue to have a bearing on the sentiment at start while we await the election results,” said India Infoline report.

At 10:25 am, Bombay Stock Exchange’s Sensex was at 12102.60, down 14.34 points or 0.12 per cent. The index touched an intra-day high of 12180.07 and low of 12064.48.

National Stock Exchange’s Nifty was at 3698.10, up 14.20 points or 0.39 per cent. The broader index hit an intra-day low of 3677.45. The index broke psychological barrier in the opening trade and touched a high of 3711.25.

“Trend deciding level for the day is 3664 / 12081. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 3712 - 3739 / 12180 - 12243. However, if Nifty trades below 3664 / 12081 for the first half-an-hour of trade then it may correct up to 3637 / 12017,” said Angel Broking note.

Broader markets continued to witness upward momentum. BSE Midcap Index was up 0.58 per cent and BSE Smallcap Index gained 0.83 per cent.

Amongst the sectoral indices, BSE Realty Index was up 1.19 per cent, BSE Healthcare Index moved 1.10 per cent and BSE Bankex was down 1.01 per cent.

Jaiprakash Associates (3.90%), ONGC (1.84%), Tata Steel (1.70%), ACC (1.33%) and DLF (1.31%) were the top Sensex gainers.

HDFC Bank (-4.48%), Sterlite Industries (-2.99%), Wipro (-1.86%), Hindalco Industries (-1.28%) and HDFC (-1.08%) were amongst the top losers.

Shares of Bharati Shipyard shot up 16.20% to Rs 110.80 on NSE Friday, following the company’s acquisition of 15% in Great Offshore Ltd. Shares of Great Offshore were up over 5% at Rs 309.90.

Bharati Shipyard has acquired around 15% in Great Offshore as a precursor to takeover of the integrated oil field service provider. The 14.9% stake in Great Offshore, which promoter Vijay Sheth pledged with Bharati to raise funds to clear off his dues with creditors five months ago, has been transferred to Bharati, giving it voting rights.

Market breadth was positive on the BSE with 1086 advances and 578 declines.

Asian markets showed some strength after a subdued start. Japan's Nikkei stock average was 0.70 per cent higher. Hang Seng was up 0.21 per cent, Strait Times moved 0.92 per cent higher and Kospi was up 0.48 per cent.

US market ended in the red after profit booking emerged as investors booked profits in technology stocks and tepid response to a government bond auction raised fears about public finances. US regulators has asked ten major US banks to raise $ 74.6 billion for capital buffers in the event of a deeper economic slump after the stress test. Dow Jones closed 1.20 per cent lower and Nasdaq Composite fell 2.44 per cent.

Traders will also be eyeing the India's annual inflation rate which is expected to have risen for the third consecutive week in late April to 0.65 per cent from 0.57 per cent previous week.


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