STOCK MARKET TODAY

Analysis of Stock Market Today

NSE
Today the market was highly volatile. NIFTY opened at 6141.35 and went as high as 6141.35 before closing at 6069.80. The market touched lowest for the day at 6062.35. Top gainers of today’s market were HCL,GAIL,DRREDDY,ITC etc, while the top losers were Bajaj Auto, Hero Honda, BPCL, DLF, ICICI Bank etc.The market has support at 6047.65 and 6015.50 and resistance at 6126.65 and 6173.50.

BSE
Sensex opened at 20509.95 and closed at 20301.10. The intraday high was at 20509.95 and low at 20243.95.Most of the sub indices closed negatively. BANKEX, EALTY, AUTO, and POWER were the indices which lost the most, while the market got support from FMCG,I and CD.The market has support at 20193.38 and 20085.67and resistance at 20459.38 and 20509.95.

INTERNATIONAL MARKET
Most of the Asian markets were in the negative trend. Nikkei lost 17.33 points and closed at 10380.80,Topix ended at 911.69 after losing 0.11 points, while HANG SENG gained 89.34 points and closed at 23757.80.European markets are also in the down trend. STOXX 50 retreated 40.18 points and reached 2803.99,while DAX was at 6868.11 after decreasing 107.24 points.

FII FLOW TODAY
The FII flow was negative today as the net flow recorded 849.30 crore as against 602.20 Crore yesterday. The open interest in futures market recorded Rs 47992.69 crore as against Rs. 47389.72 crore yesterday. The open Interest in options was Rs. 35965.83 crore as against Rs. 35080.50 crore yesterday. The aggregate outstanding rose to Rs.83958.52 crore in the F&O segment from Rs. 82470.22 crore on the previous day. The FII interest in cash and F&O segment has moved up by 1.80 per cent today.

NEWS TIPS
• Rupee Top Forecaster Wells Fargo Predicts 10% Jump for 2011: India Credit Wells Fargo & Co. , the best rupee forecaster in 2010, predicts the currency’s appreciation will double this year as the central bank adds to last year’s six interest-rate increases.
• Gold Imports by India May Increase This Year on Rising Investment Demand Gold imports by India, the biggest consumer, may climb this year as record prices fail to deter buyers and investors seek a hedge against inflation, according to broker Nirmal Bang Commodities Pvt.
• Larsen & Toubro Ltd., India’s biggest engineering company, will split into nine units “over time” as part of a reorganization to improve growth prospects of the businesses.
• Indian Oil Corp., the nation’s largest refiner, and Hindustan Petroleum Corp. gained in Mumbai after the companies secured crude oil supplies from Iran on credit amid a gridlock over payments.

Market Analysis: Ms. Malu Suresh,
School of Asset Management
Kochi
www.schoolofassetmanagement.com