7th June 2011 Market Closing Updates

7th June 2011 Market Closing Updates:

Domestically, after a weak opening session, benchmark indices recovered nearly a percent from the bottom of the day through the trading session to end higher by a fourth of a percent in yesterday’s trade. Nifty after touching a low of 5479 ended at 5532, gaining 15 points compared to previous close.Today morning Asian markets are trading with negative bias and SGX Nifty is suggesting about 30 points lower opening for our market. We would like to reiterate that to fulfill the higher-top higher-bottom condition, the ideal situation would be that Nifty does not fall below 5434, which is the 61.8% retracement level of the 5328-5605 up move. Those who are holding trading long positions or want to bottom fish should keep a stop loss of 5434 on closing basis. Others can wait for the crossover of 5605 before taking fresh longs.

US markets started the new week on a negative note as Nasdaq and S & P 500 lost more than a percent while Dow fell half a percent to end near day low. Weak May jobs report that came on Friday and other economic reports in recent past have not been encouraging. 

Major gainers in the 30-share index were:

Jaiprakash Associates (1.76%),

Cipla (1.70%),

Infosys Technologies (1.55%),

Reliance Industries (1.48%),

Reliance Energy (1.14%), 

Tata Consultancy Services (0.97%).

The major losers in the Sensex.

Larsen & Toubro (1.01%),

Hindustan Unilever (1.00%),

Bajaj Auto (0.67%),

Wipro (0.66%),

Hero Honda Motors (0.64%),

NTPC (0.63%)
Mid & Small-cap Space

The Midcap and Smallcap index rose 0.57% and 0.37% respectively.

Sectors in Limelight

The Realty index was at 2,164.38, up by 27.13 points or by 1.27%. The major gainers were Anant Raj Industries (3.11%), D B Realty (2.64%), Indiabulls Real Estate (1.03%), D L F (0.86%) and Mahindra Lifespace Developers (0.6%).

The IT index was at 6,112.88, up by 60.39 points or by 1.00%. The major gainers were Infosys Technologies (1.55%), Tech Mahindra (0.95%), Core Projects and Technologies (0.37%), Mphasis (0.34%) and H C L Technologies (0.26%).

The Oil & Gas index was at 9,519.35, up by 85.44 points or by 0.91%. The major gainers were Hindustan Petroleum Corporation (1.55%), Bharat Petroleum Corporation (0.35%), G A I L (India) (0.3%), Indian Oil Corporation (0.08%) and Oil India (0.02%).

On the other hand, the Capital Goods index was at 13,311.67, down by 67.69 points or by 0.51%. The major losers were Larsen & Toubro (1.01%), Siemens (0.56%), A B B (0.51%), Bharat Heavy Electricals (0.27%) and Bharat Electronics (0.06%).

Market Breadth

Market breadth was negative with 1,364 advances against 1,284 declines.