SENSEX 16051.10 -110.96
NIFTY 4835.40 -32.35
NASDAQ 2458.00 -25.23
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UPDATEDTIME 09.28 PM 26 SEPTEMBER 2011
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Indian
markets ended in the red for third consecutive session as concerns of recession
in the US, financial crisis in Europe and slow-down back home continued to hurt
sentiments. Metals, FMCG and power stocks led the decline while technology
space ended marginally in the green.
The benchmarks had opened in the red and slipped below important support levels as weakness persisted in the Asian markets. Shares of commodity related companies fell sharply on concerns of slow-down in China and India coupled with recession in the US would arrest sales.
Short-covering was seen across the board in the afternoon following a bounce-back in European peers. The indices slipped in the positive terrain but failed to hold on to gains.
Bombay Stock Exchange's Sensex closed at 16051.10, down 110.96 points or 0.69 per cent. The 30-share index touched intraday low of 15801.01 and high of 16209.19.
National Stock Exchange's Nifty ended at 4835.40, down 32.35 points or 0.66 per cent. The broader index touched a high of 4879.80 and low of 4758.85 in trade today.
Nifty future holds 4750 levels as its immediate support where support was seen today. However, if breached, it can further slide towards 4650-4600 levels. On the upside, 4960 acts as first resistance, sustaining above which some pullback towards 5050 levels can be seen.
BSE Midcap Index was down 1.47 per cent and BSE Smallcap Index fell 1.67 per cent.
Amongst the sectoral indices, BSE Metal Index was down 2.87 per cent, BSE Oil&gas Index fell 1.56 per cent and BSE Capital Goods Index slipped 1.39 per cent. BSE IT Index edged 0.42 per cent higher.
Commodity stocks tend to fall a lot and they equally tend to bounce back a lot. Commodity prices are a cyclical but overall the big super cycle in commodities which started in 1999 still continues.
Companies like Hindalco, Tata Steel, Sterlite are getting battered black and blue. This is a time to pick up these stocks and when commodity prices come back that would be the time to sell. It is the time to buy into these beaten up metal stocks. If tomorrow the rally continues you will see sharp bounce backs in these stocks.
The benchmarks had opened in the red and slipped below important support levels as weakness persisted in the Asian markets. Shares of commodity related companies fell sharply on concerns of slow-down in China and India coupled with recession in the US would arrest sales.
Short-covering was seen across the board in the afternoon following a bounce-back in European peers. The indices slipped in the positive terrain but failed to hold on to gains.
Bombay Stock Exchange's Sensex closed at 16051.10, down 110.96 points or 0.69 per cent. The 30-share index touched intraday low of 15801.01 and high of 16209.19.
National Stock Exchange's Nifty ended at 4835.40, down 32.35 points or 0.66 per cent. The broader index touched a high of 4879.80 and low of 4758.85 in trade today.
Nifty future holds 4750 levels as its immediate support where support was seen today. However, if breached, it can further slide towards 4650-4600 levels. On the upside, 4960 acts as first resistance, sustaining above which some pullback towards 5050 levels can be seen.
BSE Midcap Index was down 1.47 per cent and BSE Smallcap Index fell 1.67 per cent.
Amongst the sectoral indices, BSE Metal Index was down 2.87 per cent, BSE Oil&gas Index fell 1.56 per cent and BSE Capital Goods Index slipped 1.39 per cent. BSE IT Index edged 0.42 per cent higher.
Commodity stocks tend to fall a lot and they equally tend to bounce back a lot. Commodity prices are a cyclical but overall the big super cycle in commodities which started in 1999 still continues.
Companies like Hindalco, Tata Steel, Sterlite are getting battered black and blue. This is a time to pick up these stocks and when commodity prices come back that would be the time to sell. It is the time to buy into these beaten up metal stocks. If tomorrow the rally continues you will see sharp bounce backs in these stocks.
Sharp
correction was seen in precious metals like gold and silver following meltdown
in global prices. The rupee also continued to remain under pressure and was at
49.58/59 per dollar against previous close of 49.42/43.
Coal India (-5.46%), Sterlite Industries (-4.40%), Hindalco Industries (-3.80%), Hero MotoCorp (-2.84%) and Jindal Steel (-2.61%) were the major Sensex losers.
Jaiprakash Associates (2.37%), Bharti Airtel (1.48%), ICICI Bank (1.40%), DLF (1.21%) and Cipla (0.97%) were amongst index gainers.
Market breadth was negative on the BSE with 1966 losers against 786 gainers.
Coal India (-5.46%), Sterlite Industries (-4.40%), Hindalco Industries (-3.80%), Hero MotoCorp (-2.84%) and Jindal Steel (-2.61%) were the major Sensex losers.
Jaiprakash Associates (2.37%), Bharti Airtel (1.48%), ICICI Bank (1.40%), DLF (1.21%) and Cipla (0.97%) were amongst index gainers.
Market breadth was negative on the BSE with 1966 losers against 786 gainers.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
