Iris India

Today SGX Nifty is trading at 4,954.50 (9.03am), 14.50 points lower than Thursday’s closing of 4,969.

The Sensex ended on a bearish note led by realty, metal, banking and PSU stocks, while IT, teck and capital goods gained. It opened flat with negative bias with a loss of 27.42 points, at 16,822.18 on Thursday following firm global cues. The index soon moved up into the green only to fall back into the negative terrain amid volatility. The market was trading in a lacklustre manner due to lack of direction. However in the noon trades, the Indian barometer slipped further on the back of heavy selling pressure seen across board. Finally it closed on a weak note after touching a low of 16,605.01. BSE Midcap and Smallcap index declined 0.93% and 0.27% respectively.

Industrial production figures for the month of September`09 was to 9.10% as against revised figure of 10.96% in the month of August 2009. This was however higher than the Bloomberg estimates of 7% for the month of September`09. Index for industrial production (IIP) was at 6.8% in the month of July.

European stocks were little changed as increased forecasts from BT Group and PSA Peugeot Citroen offset a wider-than estimated loss from A.P. Moeller-Maersk A/S. U.S. index futures and Asian shares declined. UK`s benchmark index FTSE 100 rose 12.21 points, or 0.23%, to trade at 5,278.96. French benchmark index CAC 40 gained 3.50 points or 0.09% to trade at 3,817.88.

Germany`s benchmark index DAX advanced 8.11 points or 0.14% to trade at 5,676.46. The Sensex ended the day with a loss of 153.57 points, or 0.91% at 16,696.03 after touching a high of 16,896.62 and a low of 16,605.01. The broad-based NSE Nifty fell 51.30 points, or 1.03% at 4,952.65 after hitting a high of 5,014.40 and a low of 4,924.75.

Major gainers in the 30-share index were Reliance Communications (1.87%), Wipro (1.44%), Tata Consultancy Services (1.42%), Grasim Industries (0.66%), Infosys Technologies (0.61%), and ACC (0.45%).

On the other hand, State Bank Of India(3.51%), DLF (3.44%), ICICI Bank (3.20%), Reliance Capital (3.15%), Tata Steel (2.75%), and Sterlite Industries (India) (2.50%) were the major losers in the Sensex.

Overall market breadth was sharply negative. Out of the total 2,798 stocks traded at BSE, 1,199 advanced, 1,512 declined while 87 remained unchanged.

Among the sectoral indices, BSE IT which climbed 0.83%, TECk went up 0.74%, Capital Goods gained 0.16%, while BSE Realty lost 3.05%, Metal dropped 2.63%, Bankex dropped 2.53%, PSU went down 1.98% and FMCG lost 1.31%.

``For Nifty the major support is there at 4,900, 4,835, while the resistance is there at 5,015 and 5,120 levels,`` said Alex Mathews, head, research centre – Geojit BNP Paribas Financial Services while commenting on the market outlook today.

Discussing about the market performance of the day (Nov.12, 2009) he said, ``The markets had opened on a negative note on the back of less supportive cues from the global front and soon moved into the green gaining momentum in the early part of the day. Near to noon the markets came down before moving up in the early afternoon session. It slipped once again in the later part to finally close for the day in red but off the day`s low. The markets took weak cues from the Asian front in the morning session but when the IIP data came in the noon, the markets rejoiced and climbed up. IIP number rose 9.1% in September 2009 over 2008 September and this figure was well above the expectation of 7.4%. Consumer Durable goods output surged by an annual 22.2%, manufacturing rose 9.3%, mining rose 8.6% and power rose by 7.9%. But this positive news wasn`t strong enough to push the markets further up as the markets had entered the overbought region the other day and so was demanding a correction,``.

``On the stock specific front, Shoppers Stop, Advanta, JMT Auto, Gujarat Sidhee Cement clocked good gains. The beneficiary of the Headend-In-The-Sky (HITS), WWIL got locked up at upper circuit when the guidelines on HITS got approval from the cabinet. In the sugar space Simbhaoli Sugar, Dhampur Sugar, Oudh Sugar etc got attention and may attract some more buying in coming day. In the second part of the day, the European markets as well as the US index futures market were showing weak trend which reflected in our markets too. However the markets didn\'t go for a major slide and got support at lower levels and finally came to a close with Sensex down 0.91% and Nifty down 1.03%``.

``On the sectoral front the major gainers were IT up 0.83%, Technology up 0.74% and Capital Goods up 0.16% while those on the losers\' side were Realty down 3.05%, Metal down 2.63%, Bankex down 2.53% and PSU down 1.98%. On Nifty the major gainers were HCLTech up 4.57%, IDEA up 2.83%, Suzlon up 2.14% and RCOM up 1.96% while the losers\' were Unitech down 5.35%, DLF down 3.65%, SBIN down 3.29% and ICICI Bank down 2.97%.``

``Markets opened on a subdued note, traded with negative bias amidst volatility and finally closed in the negative territory. On the hourly charts, we are witnessing that the indices are still maintaining a higher top higher bottom formation. Further on the daily charts, the momentum oscillator viz. RSI Smoothened is still positively poised hence we expect that buying near support levels of 16,460 – 16,370 / 4,900 – 4,850 is likely to emerge.

However on the upside if 16,897 / 5,017 levels are crossed with higher volumes only then we expect a rally to 17,000 - 17,150 / 5055 – 5100 levels, said Vaishnavi Jagtap, senior technical analyst, Angel Broking while commenting on the market outlook.

Asian markets fell for a second day on Friday as lower crude oil and metals prices pushed commodity shares down. Japanese benchmark index Nikkei 225 lost 52.36 points, or 0.53%, to trade at 9,752.13. Japanese benchmark index Nikkei 225 lost 52.36 points, or 0.53%, to trade at 9,752.13.

Hong Kong`s Hang Seng is trading up 137.77 points, or 0.62%, at 22,535.34. China`s Shanghai Composite climbed 6.56 points, or 0.21% to trade at 3,173.53. Taiwan`s Taiex index dropped 8.63 points, or 0.11%, to trade at 7,662.30. South Korea`s Kospi index declined 3.15 points, or 0.20% to trade at 1,569.58. Singapore`s Straits Times index fell 8.59 points, or to 0.32% trade at 2,717.65.

US stocks dropped on Thursday from 13-month highs led by commodity shares as after US Energy Information Administration reported bigger-than-expected rise in crude oil inventories by 1.8 million barrels for the week ended Nov. 6, 2009. Southwestern Energy Corp. and Range Resources Corp. plunged more than 4%.

The Dow Jones industrial average lost 93.79 points or 0.91% to end at 10,197.47. The Standard & Poor`s 500 Index fell 11.27 points or 1.03% to close at 1,087.24. The Nasdaq Composite Index dropped 17.88 points or 0.83% to settle at 2,149.02.

Indian ADRs ended negative.

Oil prices declined below USD 77 a barrel on Thursday after US Energy Information Administration reported rise in crude oil inventories by 1.8 million barrels for the week ended Nov. 6, 2009. Benchmark crude for December delivery lost USD 2.34 to settle at USD 76.94 a barrel on the New York Mercantile Exchange.

In other Nymex trading, heating oil declined 6.48 cents to settle at USD 1.991 a gallon. Gasoline for December delivery fell 5.22 cents to settle at USD1.9405 a gallon. In London, Brent crude for December delivery dropped USD1.93 to settle at USD 76.02 on the ICE Futures exchange. Natural gas for December delivery went down 13.3 cents to settle at USD 4.37 per 1,000 cubic feet.