Max India Looks Good Above 189.

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Market Updates : 

Sensex, Nifty near 6-week closing lows

Key benchmark indices extended recent losses and settled near their lowest closing level in nearly 6 weeks on concerns that higher interest rates will crimp corporate profit growth. The barometer index BSE Sensex fell below the psychological 18,000 mark. The Sensex shed 169.34 points or 0.94%, up close to 80 points from the day's low and off close to 65 points from the day's high. The market breadth was negative.

The BSE Sensex lost 169.34 points or 0.94% to settle at 17,940.55, its lowest closing level since 23 June 2011. The Sensex fell 104.13 points at the day's high of 18,005.76 in afternoon trade. The index dropped 250.39 points at the day's low of 17,859.50 in early afternoon trade.

The S&P CNX Nifty plunged 51.75 points or 0.95% to settle at 5,404.80, its lowest closing level since 23 June 2011. The Nifty hit low of 5,378.85 in intraday trade.

From the 30 share Sensex pack, 20 stocks fell and the rest rose. Reliance Infrastructure, ITC, Tata Power Company, Hindalco Industries and ONGC rose by between 0.45% to 2.76%



August (2011) : 
Open : 5527.50
High : 5551.90
Low : 5378.85
Close: 5404.80
Avg. : 5465.76

Yearly (2011) : 
Open : 6177.45
High : 6181.05
Low : 5177.70
Close: 5404.80
Avg. : 5735.25

NIFTY FUTURE 

R5 : 5510
R4 : 5492
R3 : 5478
R2 : 5460
R1 : 5440

CMP: 5424.40

S1 : 5410
S2 : 5392
S3 : 5378
S4 : 5360
S5 : 5340

Bharti Airtel, DLF slip after weak Q1 results

Lanco Infratech leads gainers in 'A' group

JSW Steel, National Aluminium Company, Tata Global Beverages and IndiabullsFinancial Services are among the other gainers.

Infrastructure developer Lanco Infratech spurted 9.38% to Rs 18.65 on bargain hunting after the stock tumbled 26.03% in the preceding thirteen sessions to Rs 17.05 on 2 August 2011, from a recent high of Rs 23.05 on 14 July 2011. The stock topped the gainers in the BSE's 'A' group. The stock bounced back from a 52-week low of Rs 16.65 hit in intradaytrade today, 3 August 2011. Lanco Infratech will declare its Q1 June 2011 results on 13 August 2011.

Steel producer JSW Steel jumped 5.24% to Rs 709.60 on bargain hunting after the stock corrected 22.53% in the preceding five sessions to Rs 674.30 on 2 August 2011, from a recent high of Rs 870.35 on 26 July 2011. The stock was second biggest gainer in 'A' group.

Shares of JSW Steel recovered from a 52-week low of Rs 651.75 hit in intraday trade today, 3 August 2011. The stock had tumbled recently even as the company said its iron-ore purchasing and other transactions in Karnataka were done legally, refuting allegations made by an anti-corruption ombudsman. "We would like to clarify that all the transactions have been done in a legally compliant manner," JSW Steel said in a statement issued after trading hours on Friday, 29 July 2011.

"The company will suitably respond at an appropriate time to the authorities concerned as may be required after examining the said Lokayukta report in detail." A report by the anti-corruption ombudsman--called the Karnataka Lokayukta--alleged widespread corruption in the mineral-rich districts of Karnataka state that had resulted in the government losing billions in revenue. The ombudsman said that JSW Steel illegally received 1.29 million metric tonnes of iron-ore from April 2009 to July 2010 for which it did not pay royalties to the state government. It said a penalty of Rs 324 crore ($73.5 million) should be levied on the company, equivalent to the market price of the ore on which it evaded taxes, since minerals are by definition the property of the government.

There is also the possibility of a donation of Rs 10 crore paid by JSW Steel through a unit to a charity called Prerana Educational Trust to speed up a mining grant, the report said.

State-run National Aluminium Company (Nalco) climbed 3.79% to Rs 73.85. The stock was third biggest gainer in 'A' group. Shares of Nalco recovered from a 52-week low of Rs 70.25 hit in intraday trade today, 3 August 2011. Earlier this week, the company reportedly hiked aluminium prices by Rs 5,000 per tonne across all products. Nalco will declare its Q1 June 2011 results on 12 August 2011.

Branded tea maker Tata Global Beverages galloped 3.15% to Rs 107.90. The stock was fourth biggest gainer in 'A' group. The company will declare its Q1 June 2011 results on 10 August 2011.

Indiabulls Financial Services rose 2.95% to Rs 171.15. The stock was fifth biggest gainer in 'A' group.

India's largest listed telecom operator by sales Bharti Airtel shed 1.23% to Rs 426.75 after the company reported a surprise fall in first quarter net profit on sequential basis. Nevertheless, the stock came off the day's low of Rs 413.10. Bharti's consolidated net profit as per International Financial Reporting Standards (IFRS) fell 13.2% to Rs 1215.20 crore on 4.18% growth in total revenue to Rs 16974.90 crore in Q1 June 2011 over Q4 March 2011. The result was announced during trading hours today.

Bharti's consolidated profit was seen rising 8.21% to Rs 1515.81 crore on 3.83% growth in revenue to Rs 16888.87 crore in Q1 June 2011 over Q4 March 2011 according to average estimate of 12 brokerages

European stock markets fell on Wednesday, 3 August 2011, with Societe Generale leading the decline after the French bank warned that its 2012 earnings target will be hard to achieve. Key benchmark indices in UK, France and Germany were down by 0.65% to 1.2%.

European debt worries came back to the fore on Tuesday, 2 August 2011, when Italian and Spanish five-year credit-default-swap spreads hit new record highs.

Note : Data From Capital Market.com.

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