19/3/09 - BSE, NSE surpasses key psycological checkpoints (levels)

After a firm opening taking cues from global shores, investors took to profit booking at higher levels. Sentiment worsened after inflation eased close to zero -- a sharp slide towards deflationary territory. The annual rate of inflation fell by as much as 200 basis points to a historic low of 0.44 percent for the week ended March 7 against 2.43 percent for the week before.

However, the silver lining to the fall in inflation rate was that the central bank may take some steps soon to help lower the cost of credit for the corporate sector and push demand, which helped lift sentiment. A positive opening on the European bourses also lent support.

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“Investors were clearly looking at booking profits at short intervals. The Nifty is now trading in a range of 2825-2750. On the upside, the index faces resistance around 2800-2830 levels while the support is around 2750-2740 levels. If the Nifty falls below 2750, then a correction right upto 2675 seems possible,” said Manas Jaiswal, senior technical analyst at Emkay Shares and Stock Brokers.

National Stock Exchange’s Nifty ended above the crucial level of 2800; at 2807.15, up 0.45 per cent or 12.85 points. The index moved in a range of 2822.25 and 2771.35. Bombay Stock Exchange’s Sensex settled at 9,001.75, up 25.07 points or 0.28 per cent. The index swung in a 100-point band through the day.

Also Read :
-Effect of Recession on Indian Economy
-Economies hit by recession
-Plan for World Economy Revival
-Indian Economic Summit Updates
-World's Strongest economies list
-Trouble in Indian Forex
-US Economic recession-how it started

The broader market also lost steam during the course of the day but held onto gains. BSE Midcap Index ended 0.52 per cent higher and BSE Smallcap Index was up 1.08 per cent.

Among frontline counters, Sterlite Industries (4.18%), HDFC (2.53%), Tata Consultancy Services (1.62%), Maruti Suzuki (1.7%) and Sun Pharmaceuticals (2.33%) posted modest gains, helping the indices crawl back into the positive territory.

Larsen & Toubro (-4.14%), BHEL (-3.15%), Tata Motors (-2.75%), Reliance Communications (-2.03%) and Mahindra & Mahindra (-1.89%) remained under pressure.

Sectorwise, realty, technology and banking stocks led the upmove while capital goods and auto stocks ended with losses. Market breadth on BSE showed 1354 advances against 1105 declines.

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