The BSE Sensex fell 0.45 percent on Thursday to its lowest close in two weeks as worries about the impact of a weak monsoon on the economy and jitters about the sustainability of a global recovery kept investors cautious.The main index fell for the fourth straight session, its longest losing run since mid-July, led by energy giant Reliance Industries, top telecoms firm Bharti Airtel and engineering and construction firm Larsen & Toubro.Reliance, which has the most weight in the main index, fell 2 percent to 1,932.10 rupees, and Larsen dropped 1.1 percent to 1,516 rupees.Bharti, which is in exclusive merger talks with South Africa's MTN, eased 1.8 percent to 405.35 rupees. The market breadth is positive - out of 2,807 stocks, 1,506 have advanced and 1,215 have declined.
Reliance Communications bucked the trend and rose 5.3 percent to 290.70 rupees, its highest close in two months. It had gained 4.6 percent on Wednesday after the No. 2 mobile operator
said it had repaid early more than $1 billion of loans, about one-fifth of its outstanding loans, and could repay more debt ahead of schedule.
OUTLOOK: markets close below 4600 in last 15 minutes of trade. Note that the low of 4580 fut is still holding (low of 2nd SEP; gap down opening). Holding this can see positive upside tomorrow. Key resistance remains at 4650-4660 fut.
Intraday trading strategy:
Trade long if markets cross and sustain above 4600 fut. Keep SL slightly below 4580. TGT 4650-4700 fut.
Trade short if markets fail to recover above 4600. TGT 4560-4500 fut.
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