Market Updation
Market session was good for today, the first half was subdued but the market gained momentum in the second half on the back of positive European cues. Sensex shut shop at 16922, up 264 points and Nifty at 5078, up 78 points from the previous close. CNX Midcap index was up 1.3% and BSE Smallcap index was also up 1.3%. The market breadth was positive with advances at 944 against declines of 318 on the NSE. Top Nifty gainers were Reliance Infrastructure, Hero Honda and Bharti Airtel while losers were Power Grid, PNB and BPCL.
Sure Market Trend
The 30-share BSE index rose 1.59 percent, or 264.19 points, to finish at 16,922.08, but the index is still down 1.1 percent this week. Twenty-nine of its components closed in the green.
The Bombay Stock Exchange in a clarification issued on Wednesday said, “As the ‘dummy' circuit filter was set at 20 per cent of the previous day's close and the lowest price buy order in the order book was at Rs 840.55, it prevented the price from falling further and the balance 1.6 lakh shares were executed at the same price.” RIL shares fell sharply to Rs 840.55 in 12 seconds at 12.50 pm on June 1 from a prevailing market price of Rs 1,027.55.
On January 7, 2009, Satyam shares fell from the previous day's close at Rs 179.10 to an intra-day low of Rs 39.95 on the BSE. Even in the next trading session on January 9, 2009, Satyam fell to Rs 11.50 in intra-day trade from the previous close of Rs 39 .95. On the NSE too, Satyam shares fell nearly to the same extent indicating there was no dummy filter operating on either BSE or NSE in January 2009.
Nifty Stock Futures
The Nifty closed at 5000.30. Nifty future (June) closed at 4990.40 i.e. at a discount of 9.90 points vs. 26.40 points and shredded -60600 shares in open interest.
The Nifty future (July) closed at 4987.35 i.e. at a discount of 12.95 points vs. 29.75 points and added 20550 shares in open interest.
The Nifty future prices ended in the positive terrain along with overall shredding of open interest and increase in the cost of carry, this is an indication that market rose on account of short covering.
