"MARKET OUTLOOK" AS ON 21.01.2011"

NIFTY CLOSED BELOW 5700

Indian equities dropped on Friday erasing earlier gains. Our markets ended the session with modest losses amid volatility led by selling in IT, metal, FMCG and realty companies` shares.

At the close, the benchmark 30-share index, BSE Sensex declined 39.01 points or 0.20% at 19,007.53 with 18 components posting drop. Meanwhile, the broad based NSE Nifty fell by 15.10 points or 0.26% at 5,696.50 with 33 components posting drop.

Amar Ambani, IIFL: "In the coming week all eyes would be on two big events i.e. the F&O expiry and the RBI monetary policy meet. They would set the tone for the Indian equity markets in the near term at least along with the quarterly results, and global cues".

Sensex Movers: Infosys Technologies contributed fall of 26.44 points in the Sensex. It was followed by ITC (18.93 points), Wipro (16.5 points), Oil & Natural Gas Corporation (16.39 points) and Housing Development Finance Corporation (16.04 points).

However, Reliance Industries contributed rise of 39.4 points in the Sensex. It was followed by State Bank Of India (22.52 points), ICICI Bank (21.04 points), Bharat Heavy Electricals (8.32 points) and Mahindra & Mahindra (5.86 points).

Biggest gainers in the 30-share index were Reliance Infrastructure (2.81%), State Bank Of India (2.49%), Reliance Communications (2.14%), Bharat Heavy Electricals (1.75%), Reliance Industries (1.73%), and ICICI Bank (1.43%).

On the other hand, Wipro (4.59%), Oil & Natural Gas Corporation (2.57%), ITC (1.63%), DLF (1.56%), Sterlite Industries (India) (1.52%), and Housing Development Finance Corporation (1.50%) were the major losers in the Sensex.

Mid & Small-cap Space: The BSE Mid and small caps outperformed their larger counterparts gaining 0.22% and 0.46% respectively.

The major gainers in the BSE Midcap were Alok Industries (4.17%), Core Projects and Technologies (3.35%), Aban Offshore (0.28%), A B G Shipyard (0.23%) and Amara Raja Batteries (0.06%).

The major gainers in the BSE Smallcap were Aarti Industries (5.96%), Reliance MediaWorks (2.41%), Adhunik Metaliks (1.14%), Ahluwalia Contracts (India) (0.61%) and INEOS ABS (India) (0.1%).

Sectors in Limelight: The Oil & Gas index was at 9,745.48, up by 75.49 points or by 0.78%. The major gainers were Indian Oil Corporation (4.57%), Hindustan Petroleum Corporation (4.23%), Bharat Petroleum Corporation (2.78%), Reliance Industries (1.73%) and GAIL (India) (0.19%).

The Bankex index was at 12,348.97, up by 94.56 points or by 0.77%. The major gainers were Bank Of India(6.5%), Canara Bank (1.73%), ICICI Bank (1.43%), Bank Of Baroda (0.99%) and Federal Bank (0.13%).

The IT index was at 6,630.33, down by 86.47 points or by 1.29%. The major losers were Wipro (4.59%), HCL Technologies (1.92%), Mphasis (1.79%), Infosys Technologies (1.34%) and Tech Mahindra (0.75%).The FMCG index was at 3,542.86, down by 45.84 points or by 1.28%. The major losers were Godrej Consumer Products (2.6%), ITC (1.63%), Dabur India (1.26%), Hindustan Unilever (0.68%) and Colgate-Palmolive (India) (0.49%).

Market Breadth: Market breadth was positive with 1,530 advances against 1,377 declines.

Value and Volume Toppers: LIC Housing Finance topped the value chart on the BSE with a turnover of Rs. 2,324.53 million. It was followed by State Bank Of India (Rs. 1,751.38 million), C. Mahendra Exports (Rs. 891.33 million) and Tata Coffee (Rs. 827.77 million).

The volume chart was led by SVC Resources with trades of over 27.96 million shares. It was followed by Sanraa Media (14.98 million), LIC Housing Finance (11.97 million) and Cals Refineries (9.56 million).