Nifty opens at days high and ends down 35pts

Nifty opened at 5147 (day high), made a low of 5090 and finally manged to close at 5112 ending 0.70% lower. Sensex fell 102 points to close at 17,125, it made a high of 17,227 and a low of 17,057.

The disappointing economic numbers from Japan had a negative impact on the Indian Markets. The index tried to recover but could only manage to rebound in green for a brief while. The benchmark index then slipped to a low of 17,057 following profit booking in the banking stocks, FMCG and power stocks.

Today buying was witnessed in technology, pharma, select auto and telecom stocks which added to reduce the overall losses. The BSE Smallcap Index outperformed other indices, up 0.4% while the Midcap Index lost 0.6%.

Technicall, the RSI for Nifty now stands at 59. Another factor to watch out is the Nifty has ended below its 5 DMA. Whereas, on the upside yet again the 5182 levels (52-week high) would remain as major hurdle.

Major Losers
SAIL, JSW Steel, Hindustan Zinc and NALCO fell 2-4%. Tata Steel dropped 4% to Rs 545. Sterlite and Hindalco were down 3% each at Rs 837 and Rs 142, respectively.

HDFC and ICICI Bank declined 2% each at Rs 2,728 and Rs 855, respectively.

Major Gainers
Maruti was the top gainer, up 2.5% at Rs 1,609. It was followed by Hero Honda, TCS, Wipro and Reliance Communications, up 1-2% each.

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