Positive IIP fails to cheer Sensex

• tanvi_singh
• July 10, 2009

The spike in the benchmarks after the better-than-expected Index of Industrial Production data was short-lived as investors were worried
of the global economic condition and took cues from depressed global equities market. Better Infosys Technologies results also failed to lift sentiments.

India’s industrial output rose to 2.7 percent in May from a year earlier. The figure was higher than a forecast for an annual rise of 1.4 percent in a Reuters poll of economists.

“If Nifty is able to sustain above 4115 then we can see upward momentum in market to continue. The index has resistance at 4115-4140 and above 4140 we may see fresh buying taking it to 4165-4180. Nifty has supports at 4075-4050-4015 and below 4015 we may see selling pressure in market pulling it down to 3990-3970,” said Arihant Capital Markets report.

At 12:10 pm, Bombay Stock Exchange’s Sensex was at 13778.29, up 20.83 points or 0.15 per cent. The 30-share index hit a high of 13862.38 and low of 13709.30.

National Stock Exchange’s Nifty was at 4087.95, up 7 points or 0.17 per cent. The broader index touched an intra-day high of 4109.50 and low of 4069.70.

“Trend deciding level for the day is 4079 / 13760. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4117 – 4154 / 13876 - 13995. However, if Nifty trades below 4079 / 13760 for the first half-an-hour of trade then it may correct up to 4042 / 13641,” said Angel Broking note.

BSE Midcap Index was up 0.93 per cent and BSE Smallcap Index gained 0.83 per cent.

Amongst the sectoral indices, BSE Realty Index gained 2.92 per cent, BSE IT Index was up 2.74 per cent and BSE Metal Index moved 1.44 per cent higher. BSE Oil&gas Index was down 0.73 per cent.

Biggest Sensex gainers were Sterlite Industries (3.91%), Wipro (3.59%), DLF (3.27%), Tata Motors (3.01%) and Infosys Technologies (2.63%).

Losers comprised Tata Power (-2.28%), Jairpakash Associates (-2.23%), Mahindra & Mahindra (-1.76%), Sun Pharmaceuticals (-1.76%) and Hero Honda (1.73%).
News beuro,

• Last Modified: July 10, 2009
• Filed Under: Latest News, MARKETS, NATION, WORLD