Nifty takes support at 4600; BPCL, Infosys down June 11, 2009
Posted by dhirendra08 in Broader Market, Btight Start, Lowest Level, Negative Market bredth, Smart Gains.Tags: ACC (-4.14%), Ambuja Cement (-5.54%), Bond Market, BPCL (-5.19%), BSE Capital goods Index (declined 1.48 per cent), BSE IT Index (down 3.07 per cent), BSE Midcap Index (down 0.72 per cent), BSE Oil&gas Index (dipped 1.68 per cent), BSE Smallcap Index (slipped 1.54 %), Capital Goods, Commodity Shares, Estimated Borrowings, European Markets, Fiscal Deficit, Frontline Stocks, Fundamentals of India Inc, Gain, Global Market, HCL Technologies (-3.58%), Hindalco (4.04%) and Ranbaxy (3.38%), IDEA (7.50%), Inflation, Infosys Technologies (-4.27%), IT, M&M (4.47%), National Stock Exchange’s Nifty, Negative Bias, Oil and Gas, ombay Stock Exchange’s Sensex, Tata Communications (7.18%), Volatile
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Good morning friends. Key indices were volatile with negative bias Thursday as it lacked support from global markets and profit booking also seen post rally in previous session. IT, oil&gas and capital goods space was under pressure while metals bucked the trend.
“After bright starts and finishes for two days, the bulls may find the heat and light a little glaring to handle. Despite smart gains in the main indices the broader market has cooled off. While time seems overripe for frontline stocks to also ease a little, the spotlight will remain on select counters. While US indices fell, European markets did manage some gains, largely owing to strength in commodity shares. We expect a flat opening and a choppy day.
Spurt in crude and other commodities has once again brought inflation into the spotlight, which could dip to its lowest levels. Concerns have also grown over hardening of interest rates in bond markets. Govt may overshoot its estimated borrowings and fiscal deficit could widen. Fundamentals of India Inc. are yet to catch up with the surge in stocks.
Subdued credit growth is another worry. Monsoon could be lower than expected. Budget may disappoint. Exports are sliding. Considering these headwinds, one may argue that the recent run-up has gone too far, too fast. On the bright side, the downside may not be scary,” said India Infoline report.
At 1:20 pm, National Stock Exchange’s Nifty was at 4620.55, down 34.7 points or 0.59 per cent. The index touched an intra-day low of 4586.15 and high of 4679.55.
Bombay Stock Exchange’s Sensex was at 15338.53, down 128.28 points or 0.83 per cent. The index touched an intra-day low of 15240.73 and high of 15568.74.
Selling pressure was seen in broader markets. BSE Midcap Index was down 0.72 per cent and BSE Smallcap Index slipped 1.54 per cent.
BSE IT Index was down 3.07 per cent, BSE Oil&gas Index dipped 1.68 per cent and BSE Capital goods Index declined 1.48 per cent.
Ambuja Cement (-5.54%), BPCL (-5.19%), Infosys Technologies (-4.27%), ACC (-4.14%) and HCL Technologies (-3.58%) were amongst the Nfity losers.
IDEA (7.50%), Tata Communications (7.18%), M&M (4.47%), Hindalco (4.04%) and Ranbaxy (3.38%) were amongst the index gainers.
Market breadth was negative on the BSE with 1838 declines and 777 advances. – The Economic Times
