markettrend766
22-09-2008, 07:35 PM
After moving in a narrow range, equities ended in the red on Monday. Traders used Friday's 5 per cent rally to book profits.
Lack of fresh triggers kept sentiment subdued. The announcement that Reliance Industries’ D6 block has started production of oil also failed to excite traders.
Indices opened with a gap up tracking buoyancy in global markets but soon pared gains. Lack of conviction in the market saw benchmarks oscillating between positive and negative terrain, gave in after weak opening of European markets.
“Market had moved over 11 per cent in last three trading sessions and hence profit booking set in at higher levels. Further correction is expected in next 2-3 days where Nifty may test 4110-4150 levels. Our market has been outperforming other global indices and if Nifty sustains 4,000 in next one week then it may touch 5000 mark,” said Srikanth Chauhan, technical analyst, Kotak Securities.
Bombay Stock Exchange’s Sensex closed at 13,994.96, down 47.36 points or 0.34 per cent from Friday. The index touched an intra-day high of 14,221.04 and low of 13,917.48.
National Stock Exchange’s Nifty ended at 4223.05, down 22.2 points or 0.52 per cent. The broader index made a high of 4303.25 and low of 4202.40 in the day.
BSE Midcap Index closed at 5,220.96, down 0.15 per cent and BSE Smallcap Index ended 0.35 per cent lower at 6,194.11.
Satyam Computer Services (-4.69%), Jaiprakash Associates (-3.84%), Maruti Suzuki (-3.17%), Ranbaxy Laboratories (-2.7%) and Hindalco Industries (-2.66%) were the major Sensex losers.
ACC (3.22%), Tata Steel (2.95%), ITC (2.12%), Hindustan Unilever (1.69%) Bharti Airtel (1.19%) were amongst the gainers.
Reliance Industries shares ended flat at Rs 2,037.15 despite the company announcing commencement of oil production at its D-6 field in Krishna-Godavari Basin. The company plans to pump natural gas from its deep sea block early next year. However, there was some negative news as farmers voted against the company’s SEZ in Raigad.
Lack of fresh triggers kept sentiment subdued. The announcement that Reliance Industries’ D6 block has started production of oil also failed to excite traders.
Indices opened with a gap up tracking buoyancy in global markets but soon pared gains. Lack of conviction in the market saw benchmarks oscillating between positive and negative terrain, gave in after weak opening of European markets.
“Market had moved over 11 per cent in last three trading sessions and hence profit booking set in at higher levels. Further correction is expected in next 2-3 days where Nifty may test 4110-4150 levels. Our market has been outperforming other global indices and if Nifty sustains 4,000 in next one week then it may touch 5000 mark,” said Srikanth Chauhan, technical analyst, Kotak Securities.
Bombay Stock Exchange’s Sensex closed at 13,994.96, down 47.36 points or 0.34 per cent from Friday. The index touched an intra-day high of 14,221.04 and low of 13,917.48.
National Stock Exchange’s Nifty ended at 4223.05, down 22.2 points or 0.52 per cent. The broader index made a high of 4303.25 and low of 4202.40 in the day.
BSE Midcap Index closed at 5,220.96, down 0.15 per cent and BSE Smallcap Index ended 0.35 per cent lower at 6,194.11.
Satyam Computer Services (-4.69%), Jaiprakash Associates (-3.84%), Maruti Suzuki (-3.17%), Ranbaxy Laboratories (-2.7%) and Hindalco Industries (-2.66%) were the major Sensex losers.
ACC (3.22%), Tata Steel (2.95%), ITC (2.12%), Hindustan Unilever (1.69%) Bharti Airtel (1.19%) were amongst the gainers.
Reliance Industries shares ended flat at Rs 2,037.15 despite the company announcing commencement of oil production at its D-6 field in Krishna-Godavari Basin. The company plans to pump natural gas from its deep sea block early next year. However, there was some negative news as farmers voted against the company’s SEZ in Raigad.