Indian markets were witnessing selling pressure Monday as traders booked profits in overheated stocks and sectors. Subdued global markets also kept the market under check. “US markets were positive and other Asian markets are mixed. Treasuries fell for a third day on speculation that a government report this week on retail sales will add to signs the US economic recession is ending. We believe that it will be awhile before the US economy revives, but emerging markets will continue to outperform. However, our market is extremely overbought and hence a correction is warranted. For
the day we expect the market to open up, though some selling at higher levels cannot be ruled out,” said Religare Securities report.At 11 am, National Stock eXchange’s Nifty was at 4522.95, down 63.95 points or 1.39 per cent. The broader index touched an intra-day low of 4522.80 and high of 4611.40. Bombay Stock Exchange’s Sensex was at 14926.76, down 176.79 points or 1.17 per cent. The 30-share index hit an intra-day low of 14761.90 and high of 15200.82.“Trend deciding level for the day is 4595 / 15118. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4629 / 15243. However, if Nifty trades below 4595 / 15118 for the first half-an-hour of trade then it may correct up to 4554 – 4520 / 14979 – 14854,” said Angel Broking note. Unitech (-5.42%), Sterlite Industries (-5.38%), Tata Steel (-4.95%), SAIL (-4.29%) and Reliance Capital (-4%) were amongst the Nifty losers. Wipro (2.81%), HCL Technologies (2.60%), Hero Honda (2.48%), Infosys Technologies (2.08%) and TCS (1.32%) were amongst the index gainers. Selling activity was seen in the broader markets. BSE Midcap Index was down 2.86 per cent and BSE Smallcap Index fell 3.81 per cent. Dish TV (-9.68%), Motilal Oswal (-7.87%), Indiabulls Real Estate (-6.18%) and Sunpharma Advance (-6.13%) were amongst the BSE Midcap losers. Rico Auto (-8.05%), s. Kumars Nation (-8.02%), Spicejet (-7.79%) and KRBL (-7.63%) were a few top losers from the smallcap space. According to reports, there was huge block deal in Dish TV counter. Volumes were high on both the exchanges. Over 4.5 crore shares were traded on the NSE while 5.5 crore shares changed hands on the BSE. Amongst the sectoral indices, BSE Realty Index declined 3.78 per cent, BSE Metal Index was down 2.80 per cent and BSE Bankex slipped 1.81 per cent. Market breadth was negative on the BSE with 1754 declines and 697 advances. Asian markets gave up most of their gains Monday as oil prices dropped dragging commodity stocks. The Nikkei was up 0.96 per cent, Hang Seng lost 0.72 per cent, Taiwan Weighted slipped 3.19 per cent and Straits Times edged 0.03 per cent lower. On Friday, US stocks ended mostly lower as traders took a pause after conflicting signals in monthly US jobs data. Investors sold some recent winners to take profits from the recent rally. The Dow Jones Industrial Average gained 12.89 points, or 0.15 per cent, to close at 8,763.13. The Standard & Poor's 500 Index dropped 2.37 points, or 0.25 per cent, to finish at 940.09. The Nasdaq Composite Index shed 0.60 points, or 0.03 percent, to close at 1,849.42.
the day we expect the market to open up, though some selling at higher levels cannot be ruled out,” said Religare Securities report.At 11 am, National Stock eXchange’s Nifty was at 4522.95, down 63.95 points or 1.39 per cent. The broader index touched an intra-day low of 4522.80 and high of 4611.40. Bombay Stock Exchange’s Sensex was at 14926.76, down 176.79 points or 1.17 per cent. The 30-share index hit an intra-day low of 14761.90 and high of 15200.82.“Trend deciding level for the day is 4595 / 15118. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4629 / 15243. However, if Nifty trades below 4595 / 15118 for the first half-an-hour of trade then it may correct up to 4554 – 4520 / 14979 – 14854,” said Angel Broking note. Unitech (-5.42%), Sterlite Industries (-5.38%), Tata Steel (-4.95%), SAIL (-4.29%) and Reliance Capital (-4%) were amongst the Nifty losers. Wipro (2.81%), HCL Technologies (2.60%), Hero Honda (2.48%), Infosys Technologies (2.08%) and TCS (1.32%) were amongst the index gainers. Selling activity was seen in the broader markets. BSE Midcap Index was down 2.86 per cent and BSE Smallcap Index fell 3.81 per cent. Dish TV (-9.68%), Motilal Oswal (-7.87%), Indiabulls Real Estate (-6.18%) and Sunpharma Advance (-6.13%) were amongst the BSE Midcap losers. Rico Auto (-8.05%), s. Kumars Nation (-8.02%), Spicejet (-7.79%) and KRBL (-7.63%) were a few top losers from the smallcap space. According to reports, there was huge block deal in Dish TV counter. Volumes were high on both the exchanges. Over 4.5 crore shares were traded on the NSE while 5.5 crore shares changed hands on the BSE. Amongst the sectoral indices, BSE Realty Index declined 3.78 per cent, BSE Metal Index was down 2.80 per cent and BSE Bankex slipped 1.81 per cent. Market breadth was negative on the BSE with 1754 declines and 697 advances. Asian markets gave up most of their gains Monday as oil prices dropped dragging commodity stocks. The Nikkei was up 0.96 per cent, Hang Seng lost 0.72 per cent, Taiwan Weighted slipped 3.19 per cent and Straits Times edged 0.03 per cent lower. On Friday, US stocks ended mostly lower as traders took a pause after conflicting signals in monthly US jobs data. Investors sold some recent winners to take profits from the recent rally. The Dow Jones Industrial Average gained 12.89 points, or 0.15 per cent, to close at 8,763.13. The Standard & Poor's 500 Index dropped 2.37 points, or 0.25 per cent, to finish at 940.09. The Nasdaq Composite Index shed 0.60 points, or 0.03 percent, to close at 1,849.42.
