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Saturday, May 28, 2011
Market recovers from 12-week low
The market staged a rebound from 12-week low as world stocks recovered. Volatility was high as traders rolled over positions in the derivatives segment from the near-month May 2011 series to June 2011 series. The May 2011 derivatives contracts expired on Thursday, 26 May 2011.
The Sensex declined lost 59.99 points or 0.33% to settle at 18,266.10 in the week ended Friday, 27 May 2011. The Nifty shed 10.25 points or 0.18% to 5,476.10. The BSE Mid-Cap index shed 0.39% and the BSE Small-Cap index shed 0.92%. Both these indices underperformed the Sensex.
Market extends gains for the second straight day
The key benchmark indices extended gains for the second straight day to hit one-week highs buoyed by firm global stocks. The BSE Sensex was up 221.46 points or 1.23%, up close to 180 points from the day's low and off close to 35 points from the day's high. The market breadth was strong. Index heavyweight Reliance Industries (RIL) edged higher. Banking and realty stocks gained for the second straight day on
bargain hunting after recent steep slide.
Friday, May 27, 2011
Daily News Roundup - May 27 2011
Coal India in talks to buy 40% in Indonesian miner for US$1bn. (ET)
DE Shaw and Reliance JV to offer 360 degree financial services. (ET)
Dr Reddy’s polypill for cardiovascular disease has shown positive results in clinical trials. (BL)
NMDC to acquire 50% stake in Australian mining company Legacy Iron Ore. (BL)
Nifty ends above 5400…ONGC, RIL lead
Just when we thought that short sellers seem to be increasing and markets would tank further, the last half an hour of the session saw cash based buying in the Nifty scrip’s which lifted the NSE Nifty to shit over 5400 levels, while the BSE Sensex ended above the 18,000 levels.
Markets started off with positive bias on the back of firm Asian markets following overnight gains in the US and European markets. Key indices were stuck in a very narrow range between 5380-5400 levels and struggled for direction. However, a sudden bout of buying in the index heavyweights like ONGC, DLF, Hero Honda, Gail and HUL lifted the NSE Nifty to end above the 5400 levels.
Fine for the moment!
If we take care of the moments, the years will take care of themselves. - Maria Edgeworth.
Some late short-covering-led bounce lifted Indian indices on the F&O expiry day. Those gains may spill over into today’s session as most Asian markets are trading firm. Japanese shares are down due to a stronger yen. US stocks recovered from intraday lows to finish higher. Technology shares did even better on Wall Street.
Stock benchmarks in Europe were rather subdued. In the absence of major domestic cues, the close today will hinge on overseas markets. Overall, the market will stay sideways in the near-term. The Nifty is likely to find support in the 5300-5400 band and resistance in the 5500-5600 range.
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