Indian market had a flat day, traded in a small range and closed with marginal losses. The Sensex closed at 19584, down 18 points from its previous close, and Nifty closed at 5874, down 10 points. The CNX Midcap index was up 0.2% and the BSE Smallcap index was also up 0.2%. The market breadth was negative with advances at 556 against declines of 736 on the NSE. Top gainers included Ster, SBIN, Maruti, Infosystch, Wipro, SesaGoa, AmbujaCem, KotakBank while top losers are listed as RIL, DLF, RCom, Jaiprakash Associates, HeroHonda, SAIL and AxisBank. FII's were net sellers with the tune of Rs. 377.59 Cr (cash market fig.)
In the next session Nifty is expected to trade in a range 5852-5905. If sustained below this range it may test 5810 and 5780 levels. Further 5930 and 5944 may act as strong resistance level. As stated in the previous newsletters, traders are suggested to remain bearish as long as Nifty is trading below 5944. Bank Nifty is expected to trade in the range 11980-11710. If moved beyond this range 12060 may act as a strong resistance level while 11550 may act as strong support levels.
Investors with horizon of 6-12 months can consider following scripts for their investment. These companies have potential to give igher returns than index over a long term.
Sun Pharmaceutical Industries Ltd has entered into a deal to market Merck’s diabetes drugs — sitagliptin and sitagliptin plus etformin — in India. Under the deal, Sun will have the rights to market the drugs only in India under different brand names.
The Oil Ministry has ordered Reliance Industries to immediately stop natural gas sales to non-core users like Essar Steel to eet the full demand of fertiliser and power plants.
Pharmaceutical and biotech firm Wockhardt has received tentative approval from the US health regulator to sell a generic copy f Aricept tablets, used in the treatment of Alzheimer’s disease and dementia.
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