SENSEX 16026.41 -156.85
NIFTY 4860.50 -45.55
USD/INR 0055.01 +00.59
NASDAQ 2865.40 +18.19
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UPDATEDTIME 09.28 PM 22 MAY 2012
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The Nifty fell over 100 points in
intraday trade before closing near intermediate support levels due to the
rupee's ongoing weakness despite positive cues from global markets ahead of the European
Union summit scheduled tomorrow.
The partially convertible rupee ended the day at an all-time closing low of 55.39, down 36 paise against its previous close of 55.03. Earlier it fell to an all-time low of 55.47, following demand for the greenback from importers and corporates.
Steps taken by the Reserve Bank of India, including the latest move to ban arbitrage in forex markets, have so far failed to arrest the rupee's fall. Analysts say the rupee will remain vulnerable unless the government takes firm measures to cut down the subsidy burden.
The speed with which the rupee is moving is a huge concern because at the end of the day it will worsen our trade and fiscal deficits because of the subsidies on petroleum products. It has got a real negative impact on the whole economy for us.
The market is probably going to see some significant correction and I would not be surprised if the market moves down by about 10 percent from these levels.
The Sensex ended at 16,026.41, down 156.85 points, or 0.97 percent. It touched an intraday high of 16,366.72 and a low of 16,000.84.
The Nifty closed at 4,860.50, down 45.55 points, or 0.93 percent. It touched an intraday high of 4,956.35 and a low of 4,849.90.
Nobody needs to be under the misconception that we rally because global markets rally. We are being driven by our currency and local factors mainly. Till that issue is not sorted out chances are that we will continue to be weak, and even though we may open higher the gains will not sustain.
Markets will not go down in a straight line even if they cannot move higher, they will become choppy. For the next few days, you have to wait for rallies to go short. Each time we rally towards say 4915-4920, they would be good levels to go short," he added.
The BSE Midcap Index was down 0.59 percent and the BSE Smallcap Index was 0.68 percent lower.
Among sectoral indices, the BSE Metal Index was down 1.83 percent, the BSE Bankex was 1.51 percent lower, the BSE Power Index declined 1.45 percent and the BSE Realty Index moved 1.23 percent lower.
Nifty losers included Sesa Goa (5.38 percent), Tata Power (5.33 percent), Maruti Suzuki (5.04 percent),Sterlite Industries (4.01 percent) and Sun Pharma (3.65 percent).
Tata Consultancy Services (2.46 percent), HCL Tech (2.20 percent), Tata Motors (1.55 percent), Cairn India (1.33 percent) and SAIL (1.21 percent) were among the top gainers
The market breadth was negative on the NSE with 535 gainers against 904 losers.
Foreign institutional investors sold equities worth Rs 79.59 crore on Monday, according to provisional stock exchange data. They sold shares worth Rs 1,069.32 crore in the past five sessions.
The partially convertible rupee ended the day at an all-time closing low of 55.39, down 36 paise against its previous close of 55.03. Earlier it fell to an all-time low of 55.47, following demand for the greenback from importers and corporates.
Steps taken by the Reserve Bank of India, including the latest move to ban arbitrage in forex markets, have so far failed to arrest the rupee's fall. Analysts say the rupee will remain vulnerable unless the government takes firm measures to cut down the subsidy burden.
The speed with which the rupee is moving is a huge concern because at the end of the day it will worsen our trade and fiscal deficits because of the subsidies on petroleum products. It has got a real negative impact on the whole economy for us.
The market is probably going to see some significant correction and I would not be surprised if the market moves down by about 10 percent from these levels.
The Sensex ended at 16,026.41, down 156.85 points, or 0.97 percent. It touched an intraday high of 16,366.72 and a low of 16,000.84.
The Nifty closed at 4,860.50, down 45.55 points, or 0.93 percent. It touched an intraday high of 4,956.35 and a low of 4,849.90.
Nobody needs to be under the misconception that we rally because global markets rally. We are being driven by our currency and local factors mainly. Till that issue is not sorted out chances are that we will continue to be weak, and even though we may open higher the gains will not sustain.
Markets will not go down in a straight line even if they cannot move higher, they will become choppy. For the next few days, you have to wait for rallies to go short. Each time we rally towards say 4915-4920, they would be good levels to go short," he added.
The BSE Midcap Index was down 0.59 percent and the BSE Smallcap Index was 0.68 percent lower.
Among sectoral indices, the BSE Metal Index was down 1.83 percent, the BSE Bankex was 1.51 percent lower, the BSE Power Index declined 1.45 percent and the BSE Realty Index moved 1.23 percent lower.
Nifty losers included Sesa Goa (5.38 percent), Tata Power (5.33 percent), Maruti Suzuki (5.04 percent),Sterlite Industries (4.01 percent) and Sun Pharma (3.65 percent).
Tata Consultancy Services (2.46 percent), HCL Tech (2.20 percent), Tata Motors (1.55 percent), Cairn India (1.33 percent) and SAIL (1.21 percent) were among the top gainers
The market breadth was negative on the NSE with 535 gainers against 904 losers.
Foreign institutional investors sold equities worth Rs 79.59 crore on Monday, according to provisional stock exchange data. They sold shares worth Rs 1,069.32 crore in the past five sessions.
Regards
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
Group mail id: makin97NSEtips@yahoogroups.co.in
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