Indian companies stock market report – February 23, 2011

Indian companies stock market report – February 23, 2011 : The key benchmark indices started on a negative note amid a bout of initial volatility but cut losses in morning trade after hitting a fresh intraday low. The market slipped into red once again after recovering sharply to trade in green for a brief period in mid-morning trade. The market once again slipped into red after recouping intraday losses in early afternoon trade but came off lows later. A sudden slide was witnessed in early afternoon trade.

The market cut losses after hitting fresh intraday lows in late trade as macroeconomic worries arising from surging crude oil prices and geopolitical tensions due to crisis in Libya weighed on the sentiment with the Sensex and Nifty ending down by 0.8% and 0.9%, respectively. The mid-cap and small-cap indices ended lower by 0.9% and 0.7%, respectively.

Among the front liners, RIL, RCOM, Sterlite Industries, Reliance Infrastructure and TCS gained 0–3%, while Hero Honda, L&T, HDFC Bank, Jindal Steel and Jaiprakash Associates lost 2–4%. Among mid caps, Jai Corp., Shree Ashtavinayak Cine Vision, Sanwaria Agro Oils, Gujarat Narmada Valley Fertilizers and Gitanjali Gems gained 3–18%, while SpiceJet, Jet Air India, Money Matters, Motherson Sumi and GE Shipping lost 4–9%.

Markets Today
The trend deciding level for the day is 18,314/5,475 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18,440–18,584/5,513–5,557 levels. However, if NIFTY trades below 18,314/5,475 levels for the first half-an-hour of trade then it may correct up to 18,170–18,043/5,431–5,393 levels.Read More... For the latest updates PRESS CTR + D or visit Stock Market news Today

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