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Mkt swings between hope & despair: What has Oct in store?

The market gave up some of Tuesday's gain, after a choppy, but rangebound session.  The Niftyattempted small pullbacks but failed to cross the 4,950 level and closed at 4,945 down 25 points. TheSensex shut shop at 16,446, down 78 points

September has not been a good month as market oscillated between hope and despair, and experts are not pining any hope on October as well. Deven Choksey of KR Choksey Securities says that there is nothing exciting left out for the market in October. According to Choksey, market is likely to be around 4850-5005 levels.

Among the 30-share Sensex pack, 21 declined while the rest gained. ITC (up 1.76%), NTPC (up 1.93%), and Cipla (up 0.72%), edged higher from the Sensex pack. Bharti Airtel (down 2.34%), HUL (down 1.64%), and Coal India (down 0.99%), edged lower from the Sensex pack.

ONGC
ONGC has decided to issue a no-objection certificate (NOC) for London-based miner Vedanta Resources' deal to buy a majority stake in oil and gas explorer Cairn India. The approval from state-run ONGC, which has a 30% holding in the Cairn-operated oil and gas fields in western India, comes after India granted conditional approval to the $6 billion deal in June 2011, after a delay of more than 10 months. The transaction had been held up mainly over the disagreement on royalty payments between the two partners. The counter can back to levels of rs. 272 to rs. 285, with sl of rs. 248, it closed on rs. 262.55 !

September Month (2011) : 
Open : 5109.80
High : 5169.25
Low : 4758.85
Close: 4945.90
Avg. : 4995.95

Yearly (2011) : 
Open : 6177.45
High : 6181.05
Low : 4720.00
Close: 4945.90
Avg. : 5506.10

NIFTY FUTURE 

R5 : 5065
R4 : 5025
R3 : 4995
R2 : 4967
R1 : 4948

CMP: 4936.65

S1 : 4922
S2 : 4902
S3 : 4874
S4 : 4854
S5 : 4838

Market Updates : 

Jain Irrigation Systems leads gainers in 'A' group

Jindal Saw, Coromadel International, Gujarat State Petronet and HCL Technologies are among the other gainers.

Micro-irrigation systems maker Jain Irrigation Systems rose 3.77% to Rs 154. The stock topped the gainers in the BSE's 'A' group. The stock rose for the second day in a row on bargain hunting after a recent step slide. The scrip had risen 3.56% to settle at Rs 148.40 on Tuesday, 27 September 2011. Earlier, the stock had tumbled 18.25% in 10 trading sessions to settle at Rs 143.30 on Monday, 26 September 2011, from a recent high of Rs 175.30 on 12 September 2011.

Steel pipes manufacturer Jindal Saw rose 3.44% to Rs 135.35. The stock was second biggest gainer in 'A' group.

Fertiliser maker Coromadel International rose 3.38% to Rs 315.25 ahead of the Supreme Court's decision on Friday, 30 September 2011, on allowing exports of unused stock of pesticide endosulfan manufactured in India. The stock was third biggest gainer in 'A' group.

The Supreme Court, on 13 May 2011, had ordered a blanket ban on the use and manufacture of endosulfan, citing environmental hazards. According to reports, India is by far the largest manufacturer of endosulfan, and its production (technical grade) is controlled by three companies--Excel Crop Care, Coromandel International and state-owned Hindustan Insecticides (HIL).

Gujarat State Petronet, which operates natural gas transmission network, rose 3.38% to Rs 102.60. The stock was fourth biggest gainer in 'A' group.

Software developer HCL Technologies rose 3.35% to Rs 405.80. The stock was fifth biggest gainer in 'A' group. Many software shares rose today, 28 September 2011, after upbeat earnings and forecast from Accenture PLC, the world's second-largest technology consulting company.

Earlier this month, HCL Technologies inked a 5-year applications support deal with the capital markets arm of Deutsche Bank. HCL Technologies had said the multi-million dollar transformational programme, which will result in significant vendor consolidation, involves the management of key banking applications that are the backbone to the Deutsche Bank's critical businesses.

Sensex slides for fifth time in six days on concerns about Q2 earnings

Note : Data From Capital Market And Money Control !

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